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 |
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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?