Cbus launches household advice offering Advice Essentials Plus
28 October 2024
MEDIA RELEASE
For the first time, Cbus Super is offering affordable financial advice to its members and their spouse/partner as part of a new service called Advice Essentials Plus.
The aim of this new offering is to provide affordable financial advice based on the common needs of members and their partners/spouse which are often not complex, but critical to helping prepare for a dignified retirement.
Cbus Deputy CEO and Chief Member Officer, Marianne Walker, said that the Fund identified a gap at a household level in its previous offering Advice Essentials (also known as intra-fund advice).
Advice Essentials is solely based on assets within superannuation and only on an individual member basis, without providing advice to a member's spouse or partner or as a collective.
“Following a survey of our members it became clear that they wanted Cbus to provide this service because they trust their Fund and the fees associated with utilising external financial planners were cost prohibitive.
“Most of our members retire as a couple and will rely on some degree of Age Pension to fund their retirement. Centrelink treat couples as a family unit but up until now we’ve only been able to give advice to the Cbus member.
“We’re really pleased to have developed this offering to address that member need to expand basic advice to the household. It is a more realistic addressing of post-work life, of that intersection with Centrelink, and that a couple plans together for retirement.
“For a fee of $990 including GST, Cbus members and their spouse/partner can now access strategic financial advice through our internal financial experts, even if their partner is not a member of the Fund,” Marianne Walker said.
Advice Essentials and full Comprehensive advice will continue to be available where they meet the needs of members. However, Cbus has found that often its members’ needs as they approach and enter retirement, fell in between these two options.
“Our members often required a bit more than Advice Essentials could offer but couldn’t or wouldn’t consider the Comprehensive advice from external providers, usually due to the cost. That’s why we have worked to develop an affordable option that meets our member’s needs.
“Tailored financial advice can be critical for members approaching retirement, particularly those forced out of work early due to illness or injury, as often happens to our members.
“We want to ensure our members are provided with the services they need to enjoy the dignified retirement they deserve, which is why we have launched this service. It’s a more reflective offering for a modern retirement, and to help a family unit achieve that good mix between their savings income and the social security system,” Marianne Walker said.
As part of the initial roll out, face to face consultations will be available via the Melbourne office. For the time being, members and their spouse/partner in other states and territories can access advisers via online meetings.
“The aim is to offer face to face consultations throughout Cbus’ offices across the country from 2025 and as the offering evolves, also bring down costs over time.
“We also acknowledge that many of our regional members will want access to face to face advice but may not be able to access our national offices, so we are looking at how we can take our advisers into the regions for in person meetings with our members,” Marianne Walker said.
For more information, Cbus members can visit - www.cbussuper.com.au/tools-resources/advice-services
Media Super members can visit - www.mediasuper.com.au/tools-resources/member-advice-services
Media enquiries: David McNamara, Strategic Media Manager, 0455 144 464, david.mcnamara@cbussuper.com.au
United Super Pty Ltd ABN 46 006 261 623 AFSL 233792 as Trustee for the Construction and Building Unions Superannuation Fund ABN 75 493 363 262 offering Cbus Super and Media Super products (Cbus, Cbus Super and/or Media Super).
This information is about Cbus and doesn’t take into account your specific needs. You should look at your own financial position, objectives and requirements before making any financial decisions. Refer to Cbus Product Disclosure Statement, Target Market Determination and Financial Services Guide for more information. Call 1300 361 784 or visit cbussuper.com.au for a copy.
Cbus is the leading Industry Super Fund representing those that help build and maintain Australia. As one of Australia’s largest super funds, we provide superannuation and income stream accounts to More than 920,000 (as at 30 June 2024) and we manage more than $94 billion (as at 30 June 2024). Our members include workers and retirees, their families and employers. As of April 2022, Cbus merged with Media Super and offers Media Super products. In May 2023 Cbus Super successfully completed its merger with EISS Super, welcoming 17,000 new members and establishing itself as the leading fund for energy and electrical workers in Australia
All figures as at 30 June 2024 unless otherwise noted.
Issued 28 October 2024, United Super Pty Ltd ABN 46 006 261 623 AFSL 233792 as trustee for Construction and Building Unions Superannuation Fund (Cbus and/or Cbus Super)) ABN 75 493 363 262.