Industry funds deny they are anti-advice
The Industry Super Network representing industry superannuation funds has hit back at claims that it is anti-financial advice, claiming the problem is not advice but the confusion that exists between advice and sales functions.
The executive manager of the Industry Super Network, David Whiteley, denied claims by the chief executive of ING, Paul Bedbrook, this week that industry superannuation funds had advertised that people should not seek advice.
“To suggest this is incorrect and deliberately misleading,” he said. “The problem is not advice, but the fact that confusion between advisory and sales functions continues to plague the industry,” he said.
Bedbrook earlier this week used an address to the Association of Superannuation Funds of Australia to claim, “those who put financial advisers down do a disservice to the industry and the investing public”.
Whiteley said standards needed to be raised in the financial advice industry so a client’s best interest was put ahead of sales commissions and denied that the industry funds’ compare the pair campaign was anti-advice.
“The compare the pair campaign is a great exercise in consumer advocacy that will continue into the future,” he said.
AUTHOR
Mike Taylor
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
