The Association of Superannuation Funds of Australia (ASFA) has responded to the FPA's concerns over industry funds providing limited and personal advice to their high net worth (HNW) members.
"From what I've seen there is no intention in what the funds are doing to take over the comprehensive financial planning wealth management advice that advisers are amply qualified for," ASFA chief executive Pauline Vamos told InvestorDaily.
It is imperative with the provision of any advice that the potential bias of that information is understood by the client, Vamos said.
"Whether you're a financial planner receiving commission or an adviser working for a super fund, bias is there. That bias can occur wherever you have a close relationship with a product provider," she said.
"I think the real risk is where factual information is provided but actually it is implied advice. It is important for anyone working in the industry to recognise what service they are providing and that the importance of education is well understood."
