Forget industry funds, concentrate on advice – AFA
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.
AUTHOR
Mike Taylor
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
