Industry Fund Services

October 2009 marks the 10th Anniversary of IFFP. The decision by Industry Fund Services (IFS) and key funds in 1999 to formally establish the IFS Financial Planning Group with a fundamental “No Commissions” philosophy went unremarked at the time.

Subsequently renamed as Industry Fund Financial Planning, a decade later IFFP has grown into a national division within IFS, providing a range of planning, advice and education services to members of over 25 leading industry and public sector funds.

“Like IFM, Superpartners, IFS Insurance Broking and AUSfund, IFFP is a successful example of a collectively owned, specialised service, built around the industry fund philosophy of all benefits to members,” IFS General Manager David Haynes said.

“We now provide services from thirty locations nationally via our pooled planner, embedded planner & telephone advice models. IFFP staff are located in a variety of trustee and fund offices, state and territory capitals and satellite locations in regional areas.”

“When a member contacts an IFFP planner they know they will receive quality, low cost, well researched advice based only on their best interests. No product selling, hidden fees and commissions, or asset based charges.”

“IFS have been a long term advocate for structural change in the provision of advice, seeking to remove conflicts, improve member benefits and lower costs across our superannuation system. With our partner funds we established a unique planning service that met those core objectives. Tens of thousands of fund members and their families have benefited from the fee-for-service model pioneered by IFFP in our first ten years of operation.”

“We welcome the growing recognition from government, regulators and the retail sector that the system must change. Members’ best interests have formed the core of IFFP’s values since 1999. A decade later, debate continues in the wider community over the need to reform the commission based advice structures within the retail sector. Our competitors still have a long way to catch up.”

Andrew Whiley
National Manager, Marketing & Distribution
IFS

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