In what appears to be an emerging trend, AustralianSuper has launched an online service to provide intra-fund advice to its members.
Available via the industry fund’s new-look, secure website, the service provides members with personalised advice on contributions, transition to retirement (TTR) and setting up a pension account.
General Manager, Marketing and Communications, James Coyle, said that online advice is a logical and, in AustralianSuper’s view, a necessary addition to the suite of channels through which members can engage with their super.
“This new functionality enables members to “self-start” their financial planning experience,” said Mr Coyle.
This new functionality enables members to “self-start” their financial planning experience
At this stage, the service does not incorporate insurance advice, but members do have access to insurance calculators, including the Work Rating Wizard, which helps members determine if their occupation classification can reduce their premiums or increase their benefits.
Mr Coyle said the reason behind this was because AustralianSuper is currently developing an online underwriting tool for its members, due for release prior to Christmas.
“This is where we’ve put our energy from an insurance perspective. We felt it would be more useful to focus on developing the underwriting engine as a priority, before generating insurance SoAs,” Mr Coyle said.
He also stressed that online SoAs don’t replace people and 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. It’s all connected to the same advice engine.”
“We believe that by ensuring our members’ online experience is a positive one (this will lead) to increased engagement and in turn, improved retirement outcomes,” said Mr Coyle. “And when it comes down to it, that’s what we are all about.”
