Financial advice crucial to industry fund members: Cbus

More than 3000 Cbus members have been paired with a Certified Financial Planner under an advice program run in conjunction with the Financial Planning Association.

The industry superannuation fund is further encouraging its members to embrace financial planning in the New Year through its partnership with the FPA.

Members of Cbus can engage a Certified Financial Planner (CFP) for comprehensive advice, with Cbus head of advice and retirement Greg Harper saying it is now more important than ever for superannuation funds to offer personalised member advice services.

"Whether it's advice to get finances under control and manage mortgage or credit card debt right through to replacing the pay packet at retirement, our members can access professional advice and assistance with their financial affairs," Harper said.

"The New Year is as good a time as any to pick up the phone and make the first call to get your finances in order and take the stress away."

The fund's agreement with the association allows for Cbus members to meet with an accredited CFP for advice on a fee-for-service basis, free from product incentives for the financial planner.

The initial fact find is free of charge, and any fees for advice are agreed with the member in advance. Members may also be eligible to have the advice fees deducted directly from their superannuation account.

Since its inception the partnership has seen more than 3000 members paired with a CFP, with over 96% reporting positive feedback.

"That satisfaction is reflective of the fact the service is designed for them with only their interests in mind. Cbus is proud of that," Harper said.

He added that having the right performance measures in place at an operational level is vital to achieving such desirable outcomes.

"We hear about various conflicted performance measures and incentives that drive the wrong behaviour, and advice that isn't strictly in the best interest of the member," Harper said.

"Our entire model from start to finish is accountable, non-conflicted and designed in members' best interests."

Read more: Cbusfinancial planningsuperannuationFinancial Planning Associationfinancial adviceFPAGreg Harper
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