Mercer spruiks benefits of limited advice

retirement-savings/mercer/financial-planning/superannuation-funds/super-fund/

3 August 2012
| By Staff |
image
image
expand image

Superannuation members are more likely to take action in relation to their retirement savings if they receive simple advice from their fund, according to Mercer research.

Mercer provides phone-based financial planning services and workplace seminars for superannuation funds. 

The financial services provider monitors the actions taken by superannuation members after they receive limited advice, and compares the results with a similar group of members who have not accessed advice.

According to the analysis, members who contacted the Mercer Financial Advice Helpline were twice as likely to make additional contributions and 10 times more likely to meet an adviser face-to-face.

In addition, after receiving advice over the phone members were five times more likely to make an insurance underwriting enquiry and three times more likely to make an investment change.

Members who attended Mercer Super Trust workplace seminars were twice as likely to make additional contributions and twice as likely to make an insurance underwriting claim. They were also more likely to log in to the super fund's website, make an investment change or open a pension account.

Mercer financial advice business leader Jo-Anne Bloch said members who have received advice are more likely to take subsequent steps to boost their retirement savings.

"Making simple advice accessible and cost-effective is one of the most powerful tools we have as an industry to increase member engagement and maximise Australians' retirement savings," she said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS