The $8 billion GESB yesterday launched a simple financial advice service covering superannuation investment options and contribution methods for all members.
The service aims to help members determine their own investment risk tolerance, choose an appropriate investment option and decide whether additional contribution methods, such as salary sacrificing and co-contributions, are right for them.
The fund has provided a more complex financial advice service to its pre-retiree and retiree members for two years on a fee-for-service basis, but now aimed to better educate accumulation members about their super, Fabian Ross, GESB head of wealth management, said.
It is now working on providing an advice service catering for members whose needs require more than a simple advice service, but not a complex financial plan.
An example of this would be discussing insurance options within superannuation, Fabian said.
GESB, which has 310, 000 members, currently staffs four advisers for its simple advice service and seven for its fee-for-service offering.
It did not use the recently announced regulatory relief from the government, which allows funds to provide intra-fund advice, since it had already qualified for a licence from the Australian Securities and Investments Commission to offer financial planning.