Continued probing by the House of Representatives Economics Committee has revealed more about how superannuation funds are funding financial advice services and what it is costing members.
Queensland-based industry fund, InTrust is the latest fund to provide details of its financial planning arrangements being delivered by two financial planners and costing a total of $317,054 in 2019.
But, most importantly, the InTrust response to questions on notice from the committee chair, Tim Wilson, has revealed the comparative cost of comprehensive advice and intrafund advice.
And, in similar terms to earlier questioning of industry funds, InTrust has calculated that the average cost to members was $2.64 per member.
The InTrust response also revealed the degree to which its advisers received bonuses for their efforts with the average in 2018 being $9,596.
Wilson asked InTrust to detail for each year of the past decade, the cost of comprehensive advice annually, and the average per fund member as well as asking what was the aggregate value of bonuses provided for comprehensive advice, and what the average per adviser.
InTrust provided the following table: