Telstra Super launches financial planning business
Australia’s largest corporate superannuation fund,Telstra Super, has set up an in-house financial planning service for its member base.
The financial planning service, Telstra Super Financial Planning, will be offered to Telstra Super’s 75,000 membership base for no additional fee, with the cost included in the fund’s existing management fees.
The service will be focused on members only and will initially be based in Telstra Super Financial Planning’s Melbourne head office. An expansion into Sydney and Brisbane offices is expected later in the year.
Telstra Super Financial Planning general manager Pat Ryan says the new financial planning division is focused on servicing fund members and providing them with access to financial advice.
“We are committed to a member-first philosophy. Under this cost structure we can offer a service which is free of additional charge,” Ryan says.
Telstra Super Financial Planning has been granted an Australian Financial Services Licence from the Australian Securities and Investments Commission (ASIC) in line with the requirements of Financial Services Reform Act (FSRA), making it the first new company to receive a licence under the new legislation.
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
