01/03/2008
In this, managers’ fiduciary duties would be called on to moderate the money-making focus of investment banks. Such a relationship would give investment banks an opportunity to carve out a wider niche in the retirement savings market, Green added.
Gray also addressed super funds’ development of internal investment management divisions. “This would lead to a further blurring. You will find that the people managing the money will want to go after third-party business as well,” he said.
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The Super Members Council has warned of an “alarming spike” in the number of Australians with small super balances and no pre-existing advice relationship switching into platform products and SMSFs, speculating that lead generators – like those implicated in the Shield and First Guardian scandal – may to be blame.
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