The Industry Super Network (ISN) has announced the commencement of a national print media advertising campaign to promote the availability of financial advice services through industry super funds.
David Whitely, ISN CEO said the awareness campaign is designed to “… encourage industry super fund members to seek advice from their super fund”. Industry super funds currently offer their members “intra-fund” advice on superannuation, and holistic advice on a fee for service basis.
Mr Whitely says the advice offered by industry super funds aims to address their members’ unmet need for basic, one-off, strategic advice.
According to research commissioned by the ISN, 82% of respondents with incomes below $100,000 per annum had not sought ongoing advice during the preceding two years.
our members want advice about their super and their fund is the preferred source
“Given the crisis of confidence in the financial planning industry, these services are necessary to provide our members with a source of trusted financial advice about their superannuation,” said Mr Whiteley.
“Our research shows that our members want advice about their super and their fund is the preferred source of the advice,” Mr Whitely added.
The Financial Planning Association (FPA) has welcomed the announcement, saying all moves that promote the value of financial planning advice are positive. But the Association has urged ISN members to make sure their advice meets with the professional standards of the FPA.
“We know it’s difficult for Super Fund members to trust whether they’re in the right fund or getting the right advice,” said FPA CEO Mark Rantall. “However cost and the way a Financial Planner charges for their services should not be the primary focus as is the case with the current ISN advertisements.”
The campaign, which will run until the end of June, will feature in metropolitan newspapers, in tandem with the “From little things big things grow” television campaign.
