Many super fund execs would in-source financial planning
More superannuation funds should be considering bringing the provision of financial planning services in-house, according to the results of a new survey.
While many superannuation funds have chosen to enter into relationships with dealer groups and other third-party providers for the delivery of financial planning, a survey, conducted by Money Management’s sister publication, Super Review, revealed significant support for super funds to develop in-house capacity.
However, in terms of priorities for superannuation fund trustees and executives, bringing financial planning services in-house fell a long way behind their determination to take greater control of member communications.
The survey, conducted during the recent Association of Superannuation Funds of Australia (ASFA) conference in Sydney, asked fund trustees and executives what currently-outsourced functions they believed should be brought in-house.
While many funds have already insourced investment management, this rated as a somewhat low priority well behind member communications (79.4 per cent), financial planning (35.8 per cent) and administration (35.8 per cent).
Only 25.6 per cent of respondents cited bringing investment management in-house.
Despite the high use of outsource services by superannuation funds, survey respondents said they did not believe the arrangement was being over-used.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
