ISN puts commissions back on the agenda
The Industry Super Network has launched an advertising campaign focused on the payment of commissions with respect to financial advice around superannuation.
The campaign, which was prominent in weekend newspapers, follows almost 12 months of relative silence on the issue since the ISN was part of negotiations around navigating Future of Financial Advice (FOFA) changes through the Parliament.
The new campaign, running in both print media and online, argues "not all super fund products are the same".
The advertising then goes on to assert "some (super funds) could be affected by on-going fees in the form of commissions for financial advice that you never even use. Others, such as Industry SuperFunds, don't charge on-going fees for financial advice and they don't pay commissions to financial planners".
The advertising then lists a number of industry funds and states — "Check below to see if your super is safe".
The campaign coincides directly with the implementation of the Future of Financial Advice changes and comes despite that new regime outlawing commissions, except with respect to pre-existing trailing commissions.
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