The financial planning industry needs to forget about the role of industry superannuation funds and concentrate on the provision of professional and practical advice, according to the Association of Financial Advisers (AFA).
The AFA’s chief executive, Richard Klipin, said that while the AFA understood the concern being felt over the way change was happening in the industry, it believed it was wrong to see industry funds as “the issue”.
“Industry funds are here to stay and they are good for the market,” he said. “They perform a valuable service by giving their market segment access to wider choice.”
Klipin said that not all consumers could afford advice or see the value of advice and that, as an industry, financial planners needed to accept this.
He said that it was in these circumstances that planners needed to concentrate on the advice process.
