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Personal financial advice
In 2019–20, our financial planning team met with more than 1,300 customers and provided feefor-service personal financial advice to more than 300 customers. Customers received personal advice on their individual objectives, financial situation and needs. Advice was provided on a range of financial matters including how to plan for retirement; how to reduce debt; how to achieve lifestyle goals such as saving to renovate or to holiday; and how to achieve other long-term goals such as saving for retirement or to leave an inheritance.
As a response to the COVID-19 pandemic and uncertainty around Early Release and Investment Markets, the Financial Planning team offered customers 15-minute general advice sessions around these areas and spoke to over 100 customers.
Customers usually told us they were very satisfied with the advice they received, with an NPS score of 50 for the financial year. Customers told us that receiving clear and professional advice that was in their personal best interest was important to them. Many customers liked that their financial planner was a salaried CSC employee who was not paid commissions and did not receive any hidden financial incentives.
Fee-for-service advice for customers
Personal financial advice has been provided to customers on a fee-for-service basis since CSC first offered advice in early 2013. Fee-for-service means customers only pay for the time their financial planner takes to prepare and deliver their financial plan.
Our financial planners are employed by CSC
CSC employs an Authorised Representative model in which our financial planners are employed by CSC and business management is provided by CSC. Under this arrangement, CSC’s financial planners are authorised to provide advice by Guideway Financial Services (ABN 46 156 498 538, AFSL 420367). Guideway is a licensed financial services business which supports CSC financial planners to provide customers with specialist advice, education and strategies.
Our financial planners are salaried employees of CSC. Their performance is assessed on a combination of activity and quality metrics, including the number of customer appointments they conduct, the number of financial plans they deliver, their adherence to CSC’s values, and customer satisfaction levels with the service and advice they provide.