Cbus and FPA sign adviser referral dealBY LAURA MILLAN | WEDNESDAY, 23 JUL 2014 12:40PMIndustry super fund Cbus members will have access to Financial Planning Association (FPA) certified financial planners after the two organisations joined together to launch a referral program. Related News |
Editor's Choice
Treasury responds to Debelle's review into the AOFM
|Treasury has responded to the Guy Debelle-led review into the Australian Office of Financial Management (AOFM), agreeing to all six recommendations.
Bravura ups guidance, reports earnings increase
|Bravura Solutions informed investors cost discipline will protect its full year earnings result after a client migrated to a Business Process Outsourcing (BPO) early in the year.
MaxCap hires from Vanguard, AustralianSuper
|MaxCap has welcomed two senior directors, including a portfolio manager from Australia's largest super fund, reporting to the recently named chief executive Kylie Robb.
Zenith snags mandate from Granite Bay
|Granite Bay Private Wealth has selected Zenith Investment Partners to support their investment governance and due diligence.
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Blake Briggs
CHIEF EXECUTIVE OFFICER
FINANCIAL SERVICES COUNCIL
FINANCIAL SERVICES COUNCIL
Since becoming chief executive, Blake Briggs has renewed the Financial Services Council's influence, expanded the membership base, and strengthened its policy and advocacy credentials. Karren Vergara writes.
Great PR for FPA and fantastic for the planners who will get referrals from CBUS.
However it puzzles me why a large superannuation fund would go down this path. In a time when new member growth is virtually zero, never before has it been important to form tangible relationships with your members to ensure an increase in retention rates. Handing the relationship with your members to an external party is bizzare at the least, and ultimately is fraught with danger.
Most funds have recognised the need to provide a comprehensive advice offering to their membership, with Q Super, First State Super, Telstra Super and State Super FS examples of how funds can grow an advice solution in house that is relavant and appropriate for their memberships.
This CBUS 'advice solution' appears to be an easy way and I can't see this being a sustainable long term solution.
Agree with Super Man. It's an ill-informed decision made by management and the Board of CBUS - call it a cop out if you like. It's just another example of how poor a job many industry funds do of delivering personal advice to their members. The funds/organisations Super Man mentions are some of the better ones when it comes to advice solutions for members, but add UniSuper to the mix. I'm not knocking the FPA (and their CFPs) - I just fund it a bizarre way for CBUS to deal with the provision of personal advice to their membership. The arrangement won't last!
Is FPA proposing delivery of scanty advice; not comprehensive advice? How could CFPs with typical charge out rates of $330 per hour possibly service CBUS members who on average had account balances of only $32,500 at the 30th June 2013 (Annual Report)? How many CBUS members could afford a comprehensive SoA at a typical minimum of $4,400?