Equipsuper will introduce an intra-fund advice service to its members further expanding its advice business.
"We recognise that our members will take advantage of intra-fund advice. We already have the processes in place to introduce such a service," Equipsuper manager of employer services Joanne Caruana said at the Conference of Major Superannuation Funds event in Brisbane yesterday.
"Intra-fund advice will also allow us to tap into our younger members in the fund, introducing them to other financial planning services in the fund."
The fund currently offers three levels of advice including a member referral service, relationship managers and a financial planning business licenced under Health Super Financial Planning.
"We decided to licence our financial planning service under Health Super because it was cost effective. The fund's goals are also consistent with the goals of Equipsuper," Caruana said.
The fund currently has about five financial planners.
"We will most likely double that number further down the track," she said.
Equipsuper charges $100 fee for initial advice and $600 for a full financial plan.
The fund has $4.1 billion in funds under management. The average member account is $200,000.
