Industry fund First Super has teamed up with non-aligned licensee Infocus Wealth Management to offer financial planning services to its 72,000 members.
The arrangement is borne out of a collaboration between Infocus and Industry Fund Services to develop a "national financial advice referral program", according to a statement by Infocus.
"Whilst the client referral program between First Super and Infocus Wealth Management starting this month is the first in progress, Infocus anticipates it will be one of many for the group," the statement said.
Infocus managing director Rod Bristow acknowledged the significance of an industry fund like First Super making full-service financial advice available to its members.
"Offering retail advice to client members has traditionally been something many industry funds were not prepared to consider. First Super is leading the way for other super funds and should be celebrated as the first movers that they are," Mr Bristow said.
He added that Infocus' position as a non-aligned group allows it to "understand and respect the commercial concerns of industry funds".
The First Super service will initially roll out on a fee-for-service basis to the fund's members in South Australia, with planners visiting members at their homes and workplaces.
First Super chief executive Bill Watson said he wanted to help members get "easier access to the right financial advice".
“This is a unique offering. We believe that no other super fund provides a personalised financial advice service delivered to where their members live," Mr Watson said.
"This new service provides our members with the convenience of a financial adviser coming to them, and the peace of mind in knowing they will not be at risk of receiving conflicted financial advice," he said.
"Our members can rest assured that as an industry super fund acting in members' best interests, we’ve done the due diligence in selecting the right financial advisers for our members," Mr Watson said.
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