Associations and industry participants have been left dumbstruck by the decision, mainly over concerns relating to transparency, fee disclosure and a general lack of boundaries given to super funds.
In this week's IFA, we have devoted the cover story to super funds.
The article not only looks at how many of the super funds are progressing in the advice space, it also explores the issues of the potential threat the sector may bring to the financial planning industry.
It also delves into how a number of the super funds view the current offering of advice by financial planners.
First State Super chief executive Michael Dwyer says: "People who have worked in the retail industry often find that once they've worked in our environment, they want to stay in our environment."
On the other hand, Tasplan general manager Neil Cassidy is a little more cutting.
"We totally welcome this announcement and it should have been done ages ago. I think it will also be a wake-up call to the financial planning industry. They will have to be a lot more accountable about conflicts of interest than they have been in the past," Cassidy says.
While financial planners are yet again in the spotlight, with what appears to be a horde of super funds breathing down their necks, instead of sitting around waiting for the death knell to sound, why not unite and fight?
Fight for your clients, fight for your industry.
Build an intellectual army and use this transition period, this industry flux, to evolve.
There are no rules that say no line can be drawn in the sand. Start over.
Let go of internal competition and come together. Search for the positives for your clients. Leave behind the frustration with super funds and their 'compare the pair' campaign.
Your clients and your professional integrity are all you have.
There is no point in muckraking. The day is fast approaching when in the eyes of your clients, super funds and financial advisers will stand on the same playing field.
When this day arrives, first impressions will count. Be the expert your client is looking to you to be. You hold the key clients expect - experience on the ground.
Use the past seven months or so to not cower or moan to your clients about how difficult it has been, but roll up your sleeves, wear your scars proudly and show your clients you are a survivor ready for anything.
