The national referral program will kick off on 1 September, having been trialled over previous months, and charts a new course for financial services collaborations, according to FPA chief executive Mark Rantall.
“These formal arrangements with Cbus give us an exciting insight into a future where trusted professionals may openly collaborate with member-based organisations to deliver high quality outcomes in the best interest of the member,” Mr Rantall said.
“These collaborative pathways are a window to a bright future where more Australians are served by professionals who uphold world class standards in education and ethics.”
Cbus chief executive David Atkin said the move would have a number of benefits for members of the industry fund.
“We are delighted to have concluded a successful pilot program and are in the process of rolling out the referral arrangements nationally,” Mr Atkin said.
“It means Cbus members can access world class professional financial planning services. Importantly, this is a sound and proven initiative that represents ongoing value and benefits for our members.”
The national rollout may have implications for a number of embedded advisers licensed by Industry Fund Services (IFS) who were previously tasked with providing comprehensive financial planning services to Cbus members.
Cbus national manager, advice services, Greg Harper, told InvestorDaily sister title ifa in February that if a national program went ahead, IFS advisers would be let go, while intra-fund and call centre advisers would be retained at the fund.
“A national rollout of the program will have implications for the embedded, IFS-employed, ‘in-house’ financial planner roles at Cbus and, as stated, we are working closely with them, IFS and other stakeholders throughout the pilot program,” Mr Harper said.
