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
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
Australia has marked a decade among the best countries for retirement, according to Natixis, but with high inflation threatening their retirement goals, a third say they would get professional advice to improve their chances.
When it comes to the risks of acting as a responsible manager at an AFSL, compliance firm Holley Nethercote has shared a range of red flags that could see them facing disciplinary action from the corporate regulator.
Wealth management platform provider Netwealth has announced a partnership with FinClear to streamline trading capabilities for advisers.