The Non Government Schools Superannuation Fund (NGS Super) will change its licence in order to set up a fully-owned subsidiary company to provide financial planning advice.

The new business, NGS Financial Services, which is expected to be up and running by early 2008, will allow NGS Super to provide financial planning advice directly to clients under its own banner. NGS currently has a general advice licence, offering one-hour, free financial planning through Mercer and IFFP, but chief executive of the fund, Colin McGuinness said this was very limiting. He said a change was necessary to be able to provide a more complete service to members, and give the fund more control. With the new fully-owned subsidiary, the range of services on offer would be increased and charged on a fee-for-service approach, determined by the complexity of advice sought. “It is in better interests of the fund and in alignment with our philosophies,” McGuinness said. The trustee is in the process of identifying the services that NGS Financial Services would provide, but McGuinness said essentially it was a member and employer financial support service. The fund will begin interviewing for new staff for the business in November. “;It is essential to have the workforce aligned with the overall aims of the business,” McGuinness said.

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