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
Two advisers say M&A is becoming a “contact sport” as competition heats up to acquire attractive advice firms, while a lack of new entrants creates roadblocks in organic growth opportunities.
Perth advice firm Integro Private Wealth has appointed a head of advice to spearhead a major business development initiative to expand nationwide.
AZ NGA has taken a larger stake in ex-AMP advice firm Geographe Financial Group, triggering leadership changes as it prepares for future M&A growth opportunities.
Over half of financial advice clients say they have found their adviser via a referral from an existing client, according to Dimensional.
