Speaking to ifa, Barbara Ryland, manager of industry fund relationships at the AIOFP and a former Local Super executive, said the lobby group for non-aligned licensees has struck a major advice deal with Statewide.
Under the terms of the agreement, Statewide Super members will have the option of accessing an adviser licensed by an independently-owned dealer group and therefore be exposed to non-conflicted advice, Ms Ryland said.
“Our superannuation business model is structured around complying with the FOFA best interest rules and providing independent, non-conflicted advice on a fee for service basis that enables funds to retain and increase their funds under management,” she said.
“We recognise that most funds have existing arrangements for the provision of advice to members, and access to AIOFP’s advisers can be tailored to offer a complete solution or complimentary to the current arrangements.”
Ms Ryland said the interests of industry funds and non-aligned advisers are aligned in competing against vertically-integrated institutions and SMSF administration firms, who were both awarded a “carve out” under FOFA.
Statewide Super general manager member engagement Tony D’Alessandro said the deal with the AIOFP allows the fund to service its members outside its home state of South Australia with greater efficacy.
“Statewide is committed to ensuring that all of our members have access to the same level of service and quality advice, no matter where in Australia they live,” Mr D’Alessandro told ifa.
“While we will continue to invest and support the growth of in our in-house financial planning service, partnering with AIOFP enables us to expand our advice network regionally and nationally without the prohibitive costs involved in establishing offices in regional and capital city locations across the country.”
If there is a “DEAL” isn’t that the very evil of vertical integration and conflict of interest that our comrades warned us about? Four legs good, but two legs better!
Why don’t our industry fund buddies simply allow their clients to pay for advice through the fund like any other major offering and maybe, just maybe data feeds or god forbid the acceptance of electronic signatures in line with legislation passed back in 1999!
Statewide and others don’t need “deals”, they just need to work with us so we can work with them.