Information about insurance is one of the most commonly requested categories of advice from members of superannuation funds, according to new research.
The survey of seven industry super funds found that over 15% of all intra-fund advice provided to members related to insurance. This was the second most popular topic after investment choice (25%).
The study also found that requests for advice were up 17% on the previous financial year.
Published by the Industry Super Fund Network, the findings were based on a survey of some of the largest industry super funds, who together service more than 7.5 million Australians.
The funds surveyed said that insurance advice was usually provided under the banner of general or limited advice, meaning members received the advice at no additional charge. All funds also saw limited financial advice services as fitting within a spectrum of member engagement and financial advice.
According to one fund: ‘Most members are seeking advice guidance and reassurance and use language such as ‘help’ not necessarily ‘advice’. As Trustees already have a fiduciary duty with members, we believe that intra-fund advice is a critical service provided to members.’
