Asked whether it allowed members to use their funds to pay for financial advice, internal financial advisers or external advisers, the superannuation fund said it did not have any current arrangement for either internal or external financial advisers to deduct an advice fee.
“Last financial year, QSuper allowed QInvest financial advisers to deduct the sole purpose test portion of the comprehensive advice fee from a members account, if expressly authorised to do so by the member,” it said. “However, this service closed to new bookings on 6 July, 2020.”
“As a consequence of closing this service, QSuper is in the early stages of considering whether it is in the best interests of all QSuper members to facilitate individual members authorising external financial advisers to deduct an advice fee (where permitted under relevant laws and codes of practice).”