The financial planning industry's reputation has taken a battering in the past six months.
The global downturn, coupled with the scandal surrounding Storm Financial, has hit investor confidence hard and the recent collapses of Timbercorp and Australia's second largest agribusiness firm, Great Southern, are doing advisers no favours.
Despite this, superannuation funds are fast expanding their financial planning offerings as they realise members want more guidance around their investment decisions, especially in the downturn.
A quick snapshot of the industry shows a number of funds making changes to their advice models.
First State Super (FSS) recently selected Q Invest to provide financial planning services to its 500,000 members and now provides advice under the FSS Financial Planning banner.
FSS chief executive Michael Dwyer said during periods of disappointing investment markets, super members wanted more value when they looked for advice.
"FSS Financial Planning delivers this through having a service which explains, upfront, the value of the service to members before the member proceeds to gaining advice," Dwyer said.
Non-government schools industry super fund NGS Super has appointed consultancy business Mercer to provide financial advice to its members.
"Mercer will help us expand our range of services to members so they can make informed decisions about their retirement savings and wealth management," NGS Super chief executive Anthony Rodwell-Ball said.
"We're particularly excited by the seamless integration that we'll be able to achieve between administration, a professional telephone advice model and face-to-face embedded financial planning."
Mercer now provides services to AustralianSuper's corporate division and advice to the Australian Meat Industry Superannuation Fund.
UniSuper executive manager of marketing and business Paul Murphy said member interest in financial planning had increased.
"There has been a big spike in demand for advice from members. Our members often have big balances and there is a limit about how you can advise someone about their super," Murphy said.
Rather than outsource its advice, UniSuper recently announced it was looking at launching an in-house financial planning business later this year that would adopt a fee-for-service model.
"We intend to launch a full-service financial planning business with a focus on retirement planning, estate planning and insurance," Murphy said.
"We're also looking at expanding from super more generally into wealth management."
Other funds are also signalling a move to taking advice in-house.
Legalsuper chief executive Andrew Proebstl signalled to Investor Weekly that the fund would review its situation in the next 12 months.
"We have a relationship with Industry Fund Financial Planning, but we want to look at it," Proebstl said.
The move towards financial planning comes at a time when the advice industry's fees and charges are under increasing scrutiny. Superannuation and Corporate Law Minister Nick Sherry has signalled he will examine the debate as part of a review of the superannuation system.
In the meantime, the industry has noted members' desire for more control over their financial futures.
"Our members demand more from us than just a place to keep their superannuation savings. They expect services to help them better manage their financial futures," Rodwell-Ball said.