Online solutions driving efficiency for super members
As superannuation funds continue to build out their scaled advice capabilities, online solutions are helping to build greater efficiency for members to action advice in real-time, according to Rice Warner chief executive Michael Rice.
He said an ever-growing number of members would continue to seek scaled advice from their super fund, representing the opportunity to introduce a low-touch online solution to members.
The solution itself will integrate Bravura Solutions' ePASS application with Rice Warner's tools and calculators. It will allow users to carry out real-time online transactions based on advice that is created for each member on the fund's website, the companies stated.
The transaction capabilities include straight-through processing for employer contributions and savings and retirement products.
According to Bravura, super funds will also have the ability to generate statements of advice for transaction purposes - if the fund has an Australian Financial Services licence - without the need for adviser intervention.
"Helping members receive the best advice available - and allowing them to act on that advice - will be core to every superannuation fund's marketing plan following the introduction of scaled advice," Roland Slee, managing director of Asia Pacific at Bravura, said.
The launch of the integrated ePASS solution comes as Lonsec, in partnership with super research house SuperRatings, releases a super comparator tool for financial advisers.
According to Lonsec, the tool spans a range of super funds and allocated pension products, including master trusts, industry funds, corporate funds and government funds. It compares the offering based on fees, fund size, service providers, insurance and investment options.
Richard Everingham, Lonsec general manager - strategy and development, said that having access to detailed research and comparison tools would help advisers to demonstrate that they have considered a number option for their clients.
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