Super funds can find it challenging to deliver low-cost, high-quality advice services to their members. Here’s why technology might provide the answer they’re looking for.
In an ever-changing advice landscape, super funds face a growing set of challenges. From the unmet member needs for advice, the paradox that the price members expect to pay can exceed the costs to provide through to increasing compliance requirements, there are many hurdles to overcome to ensure they deliver advice that is accessible and supports the best possible retirement outcomes for their members.
But forward-thinking funds are adopting new technologies that help them deliver personalised advice to members at scale and across multiple channels.
The challenge for super funds
Members rely on the guidance and help of their super fund and this often leads to personalised advice to make the most of their financial situation. However, personal advice services can be costly for both funds and members – resulting in low take-up rates. When members are less engaged with their super, it can have detrimental effects on their retirement outcomes.
For funds, delivering personal advice this has typically meant cumbersome paperwork, time-consuming administration and data entry, and the risk of human error
The last thing a super fund needs is for their advice services to slow them down from focusing on their core role of protecting and growing their members’ retirement savings.
The tech solution
Technology offers new solutions to the challenges faced by super funds in the advice space.
Digital advice enables members to use tools and apps to independently guide themselves through low or no-touch advice interactions. They then have the capability to escalate matters to a human adviser for more complex advice requirements. And thanks to the power of data analytics, innovative online advice platforms can build a consistent and personalised advice experience from the ground up, tailored to the unique needs of each member.
To date, most digital personal advice stops at the recommendation, Bravura Solutions and Midwinter’s full-service offering allows the implementation of the recommendation to be automated should the member choose to continue.
By harnessing the power of automation, funds can drive efficiency across their back office – streamlining administration tasks and freeing up staff to focus on other high-value activities. Removing the human element from data entry and administration also reduces the possibility of errors and breaches.
An intuitive digital advice offering
Bravura Solutions and Midwinter have created a suite of intuitive and interactive digital advice solutions to benefit both members and funds.
Their comprehensive digital advice offering is comprised of three platforms, which together provide a seamless omni-channel experience to help super funds meet their operational and member needs:
- Digital Advice powers a multi-channel advice offering that creates an exceptional self-guided member experience with options for phone-based and face-to-face advice.
- AdviceOS a comprehensive cloud-based solution for an adviser guided member experience; providing sophisticated financial modelling, product comparison, practice management, client engagement and compliance features.
- Sonata is a wealth management administration solution that delivers high levels of automation to streamline and simplify business administration.