In-house financial planning aids member knowledge

An in-house financial planning service in super funds is a better option for members who receive more personal service and build their understanding of financial issues, according to ESI Super and SPEC Super chairman Bob Henricks.

The two super funds have recently confirmed a merger and the merged fund, Energy Super, will be adopting ESI Super’s model of in-house financial planning, Henricks said.

The service is now being offered to SPEC Super members and has already seen strong interest and higher uptake from those members, showing a much improved result from when the financial planning service was outsourced, Henricks said.

When combined with an in-house call centre, members would feel a greater sense of ownership with their fund when calling for financial advice, he said.

Through the fund’s financial planning service it is also offering additional member education services, including online modules around topics such as the basics of investing, which is getting high recognition and usage from members, Henricks said.

Making members more knowledgeable and easily able to compare apples with apples when comparing super funds makes them more loyal, and they respond well when they understand the services they’re getting, he said.

ESI Super currently has four full-time financial planners offering advice to members of both funds under the dedicated ESI Financial Services Australian Financial Services Licence, he said.