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Regional super members seeking advice
Over half of Vision Super's financial advice meetings with members have taken place in regional Victoria over the six months to 30 June 2015, the fund said.
During this period the fund's financial planners conducted 1,155 meetings with members, and conducted 2,422 meetings this year alone — an increase of 991 since last year.
Vision Super's chief executive, Stephen Rowe, said the growth reflected a recent drive by the fund to reach out to its members, through seminars and open days at workplaces.
"The results have been extraordinary — a 70 per cent increase in direct provision of advice," Rowe said.
"More and more Vision Super members are choosing to put their trust in our financial advice services."
Rowe noted there was a growing awareness among the community about trustworthy financial advice.
Vision Super is an industry fund for local government and water authority employees.
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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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