About Industry Fund Services
Supporting industry fund members since 1994
In 1994 a group of people set up IFS in La Trobe Street, Melbourne. They came together with a mission to be different.
At that time the finance sector was focused on what it could get from customers. Instead, they wanted to see what they could do for customers - industry fund members. That ethos still sits at the heart of IFS today. Watch our special company video recorded in 2019 on the celebration of our 25-year anniversary.
A force in driving change and setting the standard for super
In our early years, we incubated successful organisations like IFM Investors, Frontier and ISA. We pioneered new products and broke new ground championing no commission financial advice. We also created AUSfund to protect inactive small accounts from being run down, and we put resources into recovering unpaid super. These actions have all helped change the way people think about industry super.
Aligned to and valued by industry funds
IFS started at a time when industry funds had limited scale, limited skills, and limited cash. By providing services collectively, funds could support their members and keep fees low. Today many funds now have their own internal capabilities, so we focus where we have the greatest impact. Our key focus areas are:
Delivering ethical advice
The Royal Commission shone a spotlight on financial advice. As a pioneer of no commission financial advice, IFS has been a champion for advice that members can trust to be solely in their interests. The banking Royal Commission vindicated this model. With enormous change in the financial advice industry, including the Financial Adviser Standards (previously known as FASEA), our licensee services provide the expertise, infrastructure, risk management tools, systems and processes that can support compliant advice, and drive efficiency in the delivery of advice.
Recovering unpaid super
We’re actively working with funds, employers and the ATO to ensure that ordinary working people get the super they’re entitled to.
We’re also delivering other value-added services for funds that need support, including insurance brokerage and consulting to ensure best outcomes for members.
Reuniting members with their super
Until June 2021, we were also working hard to address the problem of members having multiple unintended super accounts which often results in lost accounts and erosion of super. Through AUSfund we reunited thousands of members with their lost and inactive super, preventing erosion and increasing active account balances. The Federal Government has now assumed sole responsibility for the reunification of unclaimed super accounts via the Australian Tax Office.
Click on the image below created in 2019 as we celebrated our 25 year anniversary
On marking this special event, CEO Cath Bowtell told employees, clients and business partners:
“We’re proud to have played our part helping working Australians save for a more secure future.”
Our success for over 25 years is a product of the vision, dedication and efforts of many amazing people and the support of our partners.
The world is changing all the time. The IFS of 25 years ago looked very different to the IFS today, and we know that the IFS of the future will look different again. What won’t change is our unwavering focus on making our industry fund partners and their members always front and centre of everything we do.