The $660 million ConnectSuper will soon offer a full financial planning service to members through an outsourced provider.
Industry Funds Financial Planning (IFFP) will provide the service for ConnectSuper members, and provide a para-planner to work internally and on a full-time basis for the fund. Sean Leonard, ConnectSuper chief executive officer, said the fund expected more demand from members for financial planning services, including basic advice delivered over the phone and a more comprehensive face-to-face service. The fund chose IFFP due to its geographical reach and ability to deliver financial advice, Leonard said. “Their geographical presence and face-to-face provision of services were important for us…We believe the demand for services will include a reasonable level of financial planning services.”; From July 1, the fund, for workers in the electrical and communications industries, will also offer allocated pension and transition-to-retirement products to members.
22/04/2008
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The chief investment officer of the $150 billion industry super fund says that Hostplus’ portfolio will weather the ongoing downturn in software companies and that moves by a number of large private credit managers to gate their funds are a result of the asset class being offered to retail investors who should not have assumed the funds would be liquid enough to get money out when everybody else is trying to do the same.
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