Online SoAs won't replace financial planners: AustralianSuper

SOA financial planners super fund director

6 October 2011
| By Tim Stewart |
image
image
expand image

AustralianSuper has announced the launch of an online financial advice offering for its members, which the big industry funds says will help people 'self-start' their superannuation.

The super fund's general manager of marketing and communications James Coyle said online advice was much cheaper to produce than face-to-face planning, although he added that online Statements of Advice wouldn't replace advisers.

"At any point in the process the member can stop and then re-engage later or put in a call to our phone-based superannuation advisers, who can access the history of advice provided and pick up where the online advice tool left off," Coyle said.

AustralianSuper's new advice offering was developed with Provisio Technologies, and will provide members with access to advice on contributions, transition to retirement and setting up a pension account.

"The goal was to help members make more informed decisions about their financial future by taking away as many barriers to engagement as possible," said Coyle. He added that AustralianSuper's new advice tools would utilise members' account information to make advice available "24 hours a day, seven days a week".

The online offering includes access to the fund's existing retirement calculator, which is also available on mobile devices.

Provisio Technologies director Jye Tucker said the AustralianSuper website also included "teaser-style widgets" that acted as a call to action for members, showing them how long their super would last in retirement.

"To really engage members AustralianSuper needed a departure from previous retirement modeling, calculators and so on ... By shifting the focus to projected retirement income AustralianSuper is painting a picture of what super will actually mean to members," Tucker said.

Homepage

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

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

3 weeks 5 days ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

1 week 4 days ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

6 days 20 hours ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

6 days ago