LGIAsuper expands telephone advice

18 February 2020

Queensland superannuation fund LGIAsuper has improved its advice services with its recent expansion of its telephone service, which comes at no extra cost to members and was accessible outside Brisbane’s normal business hours.

Financial education and advice company, Link Advice, were appointed this financial year to support LGIAsuper’s in-house telephone financial advice service.

Kate Farrar, LGIAsuper chief executive, said Link Advice was qualified to assist members with a broader range of topics than was possible before, including contributions, investment choice, insurance, transition to retirement, simple retirement advice, and a retirement health check.

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“The partnership with Link Advice gives LGIAsuper access to a pool of qualified advisers and enables us to scale up our advice service as demand increases,” Farrar said.

“Our members will benefit from this increased availability, and we are particularly pleased for our members in regional areas who rely heavily on telephone advice.”

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"No cost to members" actually means a compulsory cost to all members, whether they use it or not. Otherwise known as "fee for no service".

"which comes at no extra cost to members". you mean everybody pays a fee, a bit like a commission but ASIC don'y call it that for LGIASuper and the like. That enables us to provide advice to clients when they need it and be available to help them. Not everyone uses it every year but when they need us we are there. That model sounds so familiar but i just can't put my finger on it with all the commissions and fees that have been banned lately. It sounds good though, how could i run my business like that?

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