Heron - independent superannuation consultancy launched

Three of the "leading lights" of the superannuation industry have formed The Heron Partnership, an independent consultancy to Australiaâ??s superannuation industry, launched today. Heron challenges current practices including growing "conflict of interest" situations by offering independence of advice, lower fees and greater accountability for implementation.

The three former superannuation executives have over 75 years combined experience in financial services.

Chris Butler is inaugural Managing Director of The Heron Partnership, with over 35 years experience in the industry. Mr Butler was previously Deputy Chief Executive of NSP Buck. Prior to that he was an Executive Director at Mercer, and Chief Executive of Sedgwick Noble Lowndes.

John Smith is an Actuary with more than 22 years industry experience, and was previously an Executive Director at NSP Buck. Mr Smith was nationally responsible for NSP Buckâ??s specialist advisory services.

Wendy Barton held several key positions at NSP Buck, including State Manager Victoria in the Consulting and Distribution Division. She has over 17 years experience in the superannuation industry.

Mr Butler predicted: "There will be an increasing number of independent consultancies emerging over the next few years as employers, trustees and ultimately members demand greater independence. The Heron Partnership intends to be at the forefront of this trend."

Mr Butler outlined three major issues facing the industry, which The Heron Partnership aim to address:

1. Conflict of interest resulting from more funds placing their consulting, administration and asset management with the one firm.
2. The rising cost of consultancy services.
3. Greater responsibility on consultants to 'own' their advice and follow through on its implementation.

The Heron Partnership will be based in Melbourne but has plans to grow nationally. Mr Butler stated "We recognise the need to have resources in other states and will be making announcements soon."