John Livanas

In a landmark event, First State Super has successfully reached a binding settlement with State Super to acquire StatePlus. When the transaction completes in June 2016, First State Super will create the largest member-owned financial planning network in Australia.

First State Super CEO Michael Dwyer AM explains: ‘We’re investing to provide our members with an even stronger financial future. As a result of the acquisition we plan to bring together First State Super Financial Services and StatePlus. Together we will create a financial advice service that builds on the strengths of both organisations. We will leverage our increased scale to maximise retirement income for our members.’

StatePlus, formerly State Super Financial Services, was established in 1990 by the SAS Trustee Corporation (STC) to provide financial advice to public sector employees and their families.

STC Chief Executive John Livanas commented: ‘StatePlus is an excellent organisation that has achieved strong growth under STC’s ownership. It has provided our retiring members with tremendous support and guidance. The STC board believes StatePlus is well placed to build on its successes under the new ownership of First State Super. STC looks forward to a strong, ongoing relationship with StatePlus as it continues to provide financial advice to STC scheme members under its new owners.’

Michael Monaghan Managing Director of StatePlus, said: ‘StatePlus has client-centric values, and industry-leading client satisfaction. There is a clear alignment of values between our two organisations, and growth opportunities. StatePlus is well positioned for growth having successfully executed on a strategy to transform the business and become digitally enabled while continuing to deliver exceptional service. As we undergo this ownership transition we remain focused on the clients who rely on us, delivering high quality advice and service, as usual.’

The combination of First State Super Financial Services and StatePlus will create one of the country’s leading financial advice businesses with over $21 billion in retirement funds and over 200 financial planners located in metropolitan and regional centres throughout Australia.

Michael Dwyer continued: ‘First State Super and StatePlus are highly compatible organisations. We share a common set of values that stem from our shared heritage of delivering retirement solutions to public sector employees. The values of both our organisations place our members and clients at the heart of everything we do.’

‘For now it is business as usual for both operations. First State Super Financial Services and StatePlus will continue to operate as separate and distinct businesses while we develop our plans for the future. We want to fully understand the unique opportunities that this acquisition presents for both organisations and the members and clients we serve.’

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In line with SSFS’ strategic aim of providing specialist financial advice to public sector members of superannuation funds, Mr Panaretos will be responsible for providing leadership across institutional sales and relationship management. Reporting directly to Michael Monaghan, Managing Director of SSFS, he will focus on developing relationships with corporate and institutional partners to provide financial advice services to their members, thereby allowing them to focus on their core business of managing members’ superannuation.

Speaking about the appointment, Mr Monaghan said that the new role was created to support the growth of the overall business and is in line with SSFS’ long-term strategic plan to broaden its offering to institutional and corporate clients.

“James brings a wealth of knowledge and expertise to this new role and we are pleased to welcome him to the senior executive team. His ability to form relationships across the institutional market will be pivotal as we look to focus on fostering such relationships with key prospects.

“This appointment is a crucial next step in the evolution of our business. It signals our ongoing commitment to growth and to building on State Super Financial Services’ imperative of making public sector financial advice more accessible,” said Mr Monaghan.

With a career spanning over a decade in business development, Mr Panaretos brings extensive experience in the institutional market to the SSFS team. Prior to his appointment, he was the Principal and Business Development Manager for Mercer Investments where he was responsible for institutional sales and relationship management across its consulting advice and multi-manager solutions. He has also held senior positions in institutional sales and business development at BT Funds Management and Russell Investment Group.

Mr Panaretos, who is due to start with SSFS in April, said of his appointment: “I am looking forward to working closely with such a highly respected team and providing executive direction around SSFS’ focus on developing partnerships to drive growth in key markets. My experience to date has given me the skills and experience necessary to deliver on SSFS’ growth initiatives, and it’s very exciting to be working with a like-minded organisation where I can really add value to their strategic agenda.”

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Sue McCarrey

Long standing public sector financial advice specialist, State Super Financial Services (SSFS), yesterday announced that it has opened its doors in Perth.

With the aim of serving public servants and the broader community in Western Australia, SSFS’s new office was opened by Sue McCarrey, President of the Institute of Public Administration Australia (IPAA).

Michael Monaghan, Managing Director of SSFS, said demand for specialist public sector advice was the driving force behind the decision to commit resources and extend SSFS’s proven capabilities into Western Australia.

“Our move into Western Australia is very much in line with our focus on making public sector advice more accessible to public sector super fund members and it is also a reflection of our continued growth nationally. SSFS has a strong track record of providing specialised financial advice and this new office will allow us to better serve our Western Australian-based clients, with expert local knowledge and local operations,” said Mr Monaghan.

Scott Phillips, State Manager of SSFS in Western Australia, will lead the office as well as the team of ten, all recruited from the local area.

Mr Phillips said that SSFS had identified a growing need in the market for specialist public sector-focused financial advice in Western Australia and that his team were looking forward to sharing their experience and expertise with members.

“Navigating the complexities of defined benefit schemes and maximising entitlements during events such as retirement or redundancy is challenging,” he said, “so having a public sector specialist in your corner can be very reassuring and can definitely make the process far less daunting.”

In addition to face-to-face advice, public sector super fund members will also have access to a highly innovative and recently launched telephone-based advice service designed to support the operations of the Perth office and service the broader public sector market in WA.

“Our telephone based advice service is specific to the individual’s defined benefit super account which helps them understand their choices and make better decisions,” Mr Phillips explained, “This is normally advice that had to be done face-to-face and in an environment where not all members have the time or ability to make a face-to-face meeting, we’ve innovated to provide elements one would expect from a high quality adviser but done with a skilled adviser by phone”.

Mr Monaghan concluded by explaining that the dual initiatives of the Perth office and the telephone-based advice service reflect the significance that SSFS places on providing easy-to-access, expert advice to current and prospective members.

“Our aim is that when public sector employees in WA need financial advice, they will think of SSFS and avail themselves of the expert and now locally based advice on offer. We look forward to hosting them at our offices” he said.

The new office is located at Level 3, 197 St Georges Terrace, Perth WA 6000.

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