Another industry superannuation fund has moved to expand the delivery of intrafund advice.
Legal profession-focused super fund, Legalsuper has announced that it has extended its partnership with major administrator, Link Group, to deliver a new digital intra-fund advice service to members via Link’s Super Blueprint product.
Link describes the Blueprint product as “condensing complex financial concepts into comprehensible and accessible advice for superannuation fund members”.
“Integrating into Link Group’s registry system, Super Blueprint prepopulates the member’s legalsuper information making it easier for them to generate their own advice,” the announcement said.
“With over 10 years of experience and continual learning, Super Blueprint takes a personalised approach to delivering advice specific to member interest topics such as investment choice, insurance, projected retirement needs and contributions.”
Commenting on the move, legalsuper chief executive, Andrew Proebstl said the fund was continuing to focus on providing members with access to information and advice to help them make the most out of their super and retirement.
He said that the algorithm underpinning the Blueprint offering had undergone rigorous, independent testing by a global actuary to provide personal intra-fund advice to superannuation fund clients and their members.
Comments
Funny - last week ASIC announced GENERAL ADVICE would remain as an advice option. Bit of a heads-up then?
I cant wait until the ALRC recommends to to Government to get Chapter 7 out of the Corps Act and away from ASIC, and recommends separating product from advice
HIDDEN COMMISSIONS to increase exponentially to pay for all these Robo systems. Charged to All members when very few members use it.
Hidden Commissions for No Service.
What a disgrace are Industry Super.
Who pays for this intrafund advice? Plenty of people paying for something they never use.
Might be useful for those members who cannot afford a fully qualified financial advisor, who dont want to have a financial advisor, or who are just starting their working lives.
Financial advisors are not running charities and need to be remunerated accordingly.
Agreed Hedware it might be useful as you point out.
But why should it be paid for by HIDDEN COMMISSIONS charged to ALL Industry Fund members when very few members use the Advice.
Surely if it’s useful the members would be willing to pay a Fee / Commission For Service to use the Advice service, paid from their Super, with full Fee / Commission Disclosure and sign off by the member.
Industry Super has spent 20 years bashing Advice and Commissions.
Now Industry Super want to promote Advice and use Hidden Commissions to pay for it.
No option for those not using the Advice to Opt out of the Hidden Commissions.
No direct disclosure of Hidden Advice Commissions to members.
No alternative products recommended, just single products, vertically owned product flog.
All paid for by HIDDEN COMMISSIONS, charged to All members. Massive COMMISSIONS charged for NO SERVICE to most members.
How useful Hedware are these HIDDEN COMMISSION charges to those that have not used the service ???? That’s right they are not.
What a scam Industry Super, complete rort.
I can't think of a group more deserving of hidden commissions, fees deducted for no service, conflicted advise and no alternatives than the legal profession. Community expectation delivered.
"Advice" is not useful if it is really just conflicted product sales/retention masquerading as advice. This applies equally if it's given by a real life adviser licensed by an insto, or a "robo" configured by a union fund.
Super Blueprint is Intrust360°’s online financial advice tool, helping members access free financial advice. You can generate a personalised financial plan, including retirement projections, investment options, contribution strategies and insurance recommendations.........how is this Intra-fund advice? Thats a full blown financial plan with personal advice.
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