Since the introduction of fund choice in July 2005, advisers have increasingly been called upon to make recommendations on the relative merits of competing superannuation funds. When they advise a person to switch from one fund to another, they are required to have a reasonable basis for their advice.
This has resulted in two key issues for dealer groups:
- The substantial amount of adviser time spent on researching the ‘from’ and 'to' funds. That research includes obtaining and perusing the formal documents (PDSs, Annual Reports etc) and sourcing supplementary information, generally from the funds’ call centres. Clearly, the time advisers spend on such research reduces the time they spend with their clients and, consequently, their productivity.
- The need for consistency in the due diligence and compliance standards across their adviser network. Any adviser that does not keep adequate research records and provide a well-reasoned basis for their advice represents a compliance risk for the dealer group.
Chant West’s research provides advisers with accurate and comprehensive information. With access to Super Funds and Pension Funds research and the associated modelling tools – Corporate Comparison Tool and Super Switching Tool – advisers can research and compare over 350 super and pension products including industry funds, corporate funds, personal funds and public sector funds. Our high quality research is combined with client-friendly reporting. This winning combination enables advisers to deliver excellent client service, satisfy their compliance obligations and improve their productivity.
To find out more, please contact us