ISA on the same side of best advice providers
Industry Super Australia (ISA) said it was not opposed to non-conflicted financial planning advice and that its position on non-conflicted superannuation "put it on the same side as the community, the best financial advice providers and the future".
The comments were made by ISA chief executive David Whiteley as the group launches a new advertising campaign targeting commissions received by bank-based advisers.
The new campaign, titled ‘In Good Hands', will result in the long-running ‘Compare the Pair' advertising campaign being taken off air temporarily and is part of an ongoing push to make a distinction between retail superannuation controlled by bank-owned funds management groups and that offered by ISA member funds.
Whiteley stated that the original ‘Compare The Pair' adverts were perceived as being anti-advice instead of being anti-commission and ISA supported financial advice that was not conflicted in any way and was in the best interests of super fund members.
"We think this view would not put us at odds with a significant part of the financial planning industry. Rather we believe the banks are becoming increasingly at odds with them," Whiteley said.
"The recent wind-back of the Future of Financial Advice reforms will be seen for the anomaly they are as the trend in advice is towards professionalism while the banks have been beset by scandals and calls for a Royal Commission.
"The trends and weight of evidence say the future will be different and the change in the next decade will be one that is better for consumers."
Whiteley said there was a clear dividing line between the two superannuation sectors and their differing philosophical positions had resulted in very different outcomes.
"Superannuation is an economic and public policy issue which is why it is essential we get the best settings for Australia," Whiteley said.
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