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HESTA implements free advice model
Major health industry fund HESTA has moved to provide free personal advice to members.
HESTA chief executive Anne-Marie Corboy said the service had been introduced in response to the increasing demand of members for greater information about their retirement savings.
She said HESTA represented one of the first industry funds to offer members free personal advice about their superannuation, and under the scheme members could access an adviser for personal advice on a range of issues including investment choice, voluntary or additional contributions, insurance and consolidation of accounts.
“Unlike some funds which charge members a fee for this limited financial advice, HESTA does not charge members for advice,” Corboy said. “We believe this is a unique service that is of great benefit to our members.”
AUTHOR
Mike Taylor
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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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