This week's winning comment comes from 'James Smith' and relates to Tuesday's article about the Fair Work act rules.
In the article, Rafe Consulting released a report which found the rules to be anti-competitive, and Gareth Hall from CSSA said, "In my personal experience with my employer clients, they don’t have any choice now. Even if their existing arrangement with a provider is superior to that provider’s MySuper option, their new contribution has to go into the MySuper. So members are today paying more, as a result."
We thought James Smith's comment showed feeling as well as some practical feedback. Here's what he had to say:
"What a tragedy that support for unions has destroyed another service industry ( ie corporate super advice ). There is enormous potential value in incorporating personal financial planning services into employee packages but sadly the preferred outcome is to offer a one size fits all approach where each employee is a number that goes through a standardised process. The irony is that the cheaper investment option resembles an indexed fund approach that is already available without My Super so nothing is achieved to improve the after fee performance and with no service offered there are no jobs created. It really is short sited policy. We desperately need a government that supports economic growth and cuts red tape. As our big corporates continue to cut staff and send jobs overseas small business offering personalised service need to be supported. It is not rocket science."
Thanks to everyone who contributed comments over the last seven days and keep an eye out next Friday to see if you're the author of Wealth Professional's next top 'Comment of the Week'!
More commented stories:
Compliance makes adviser life difficult
Policy reviews under the spotlight
More advisers out of pocket