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First State Super wraps up StatePlus bid
First State Super has reached a binding settlement to acquire the StatePlus financial planning business — a move that creates the largest member-owned financial planning network in Australia.
The combination of the two will create a financial advice business with over $21 billion in retirement funds and over 200 financial planners in metropolitan and regional centres throughout the country.
First State Super chief executive, Michael Dwyer, said: "Together we will create a financial advice service that builds on the strengths of both organisations. We will leverage our increased scale to maximise retirement income for our members".
"First State Super Financial Services and StatePlus will continue to operate as separate and distinct businesses while we develop plans for the future," Dwyer said.
Also commenting on the bid, StatePlus managing director, Michael Monaghan said: "StatePlus is well positioned for growth having successfully executed on a strategy to transform the business and become digitally enabled while continuing to deliver exceptional service".
"As we undergo this ownership transition we remain focused on the clients who rely on us, delivering high quality advice, and service, as usual," he said.
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The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
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