Following on from our previous notice in the last newsletter that Australian Super had changed their approach to ongoing advice fees, they have taken on board the feedback provided by us and other members of the advice community and softened their previous position. 

Under the updated arrangements, the normal Madison ongoing service arrangements will be sufficient, but for clients in accumulation phase who have any of their funds invested in the “Balanced” option (which is a “MySuper” option) will still require the “fixed term” solution that we have provided information on previously.

If you believe it will simplify your processes, Madison will allow the fixed term solution to be used for ALL of your Australian Super clients even if they don’t have the Balanced option in their account.

The solutions and updates have been posted to a new group on Workplace which has been created for advisers and support staff who use Australian Super to receive ongoing advice fees. If you have not already been invited to join the group, please CLICK HERE.

For new Australian Super clients who need a fixed term agreement , there is also a slightly modified OSA which just specifies the 12 month service period and confirms the start date.

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