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.
Future Fund chief investment officer Ben Samild said that FY24 has been a great year for alpha creation, thanks to strong returns in equities and, unusually, across multiple hedge fund strategies all at the same time. He reflected the past few years have been “a difficult time to be an asset owner and to generate positive returns for risk assets” but the Future Fund is tracking well of its long-term mandate.
Simon Hoyle and Darcy SongSeptember 4, 2024
