Club Plus Super has launched a financial planning service for its 105,000 members.
The business, Clubs Super Plus Financial Planning, will be led by Tracey McDonald. McDonald has worked for AMP in New Zealand as well as for industry superannuation fund HESTA.
Mercer has provided the fund with licensing and infrastructure services.
"This service is member driven. It is about looking after our members by providing them with high quality services and products," Club Plus Super chief executive Paul Cahill said.
The business has been in operation for four weeks and the response from members has been "absolutely outstanding," according to Cahill.
Members will have access to free single issue advice. Advice relating to tax or social security issues will be carry a charge of around $800. For more complex plans that involve advice outside of superannuation, members will be charged about $2500.
Advice will be paid for through the member's superannuation account.
The business has three planners.
"It is a very scalable business. If demand continues to grow we can easily add more planners," Cahill said.
The superannuation fund's immediate plans are to boost the awareness of the service among its members.
The fund will be targeting regional clubs, where members may have no access to financial planners.
Within three years the service will be established on a standalone basis.
Around 20 per cent of the cost of the business will be funded by members who access the fund, the remaining 80 per cent subsidised by the fund.
Intra-fund advice is already provided by the fund through its member services division.
Club Plus Super has also gone public offer, effective from October.
"Other than performance, there are two main drivers for selecting superannuation - cheaper management fees and the provision of professional and personal services to members," Cahill said.
"Club Plus Super is now providing the same level of financial advice as our retail fund counterparts, but we are doing it in our own way."
