Self-directed digital advice allows super fund providers to offer cost-effective, omni-channel advice at scale, helping engage and retain members.

For super funds, the ability to deliver meaningful member experiences and retirement outcomes is a key priority. Being able to do so in a frictionless digital way is another.

Digitisation of administration tasks is one way funds are achieving efficiencies across their day-to-day operations. It’s also giving members the ability to track their balance and make changes online, helping drive deeper engagement and interest.

In the same way, digital advice has the potential to offer significant benefits. It is the next evolution of robo advice. For members, it provides an affordable alternative to costly and time-consuming face-to-face advice. For funds, it offers a way to stand out – providing a more personalised experience while reducing the costs and risks of manually producing advice.

Our Midwinter Digital Advice solution is a configurable software-as-a-service solution that leads the way in digital advice. Unlike a traditional advice solution, it effortlessly scales up and down, to meet peaks and troughs in demand. And because it automates many of the processes manually performed by adviser and their support teams, it can deliver more advice, faster and at lower cost.

Why digital advice?

Digital advice provides a structured and self-directed journey, personalised to the member’s situation.

Members engage with the advice process at the level and time they choose, creating a flexible and convenient customer experience. Using online tools and calculators, members can better understand their current situation – as well as their options for the future.

With Bravura’s digital advice solution, members can also gain the benefits of integration with their fund’s administration system. This can pre-fill member data, saving time filling in forms, increasing accuracy, and enabling individualised financial projections.

Our Digital Advice solution gives members the ability to act on personal advice themselves – putting them in control. More complex enquiries can seamlessly transition to a chat or phone-based interaction with a qualified financial adviser – either on request or at specific stages of the advice journey. This omni-channel approach ensures that members are directed to the level of advice that is most appropriate for their situation, while maintaining a consistent customer experience.

Personalised advice, delivered at scale

For super fund managers, Bravura’s Digital Advice solution provides a secure and compliant system that captures requirements, provides recommendations and produces an official statement of advice (SOA). When approved by the member, it also enables execution of the recommendations in the advice.

All activity is tracked and recorded by the system, giving you complete visibility of the advice journey for each customer, along with a complete audit trail. This helps reduce the chance of human error and compliance or reputational risks.

Gaining a competitive edge

For funds seeking ways to attract and retain members, an affordable and effective digital advice offering can help provide a competitive edge. What’s more, with good advice improving member outcomes, your fund’s performance can also be enhanced. This can help you ensure it continues to meet regulatory measures and maintain its reputation in a crowded market.

Learn more about digital advice for super funds

To find out more about how a digital advice solution could benefit your fund and members, contact Bravura Solutions today.

About the author

Ron Mullins

Head of Sales, APAC

Ron Mullins has 17 years of experience in the financial services sector with a background in account management, sales, consulting, and project management across IT and Administration. Having held various senior positions, he has a deep understanding of the software solutions landscape, and industry knowledge, particularly across superannuation and wealth management. Based in our Sydney office, Ron is responsible for the development of new business opportunities and supporting existing clients within the APAC region, with a core focus on Sonata — Bravura’s next-generation wealth management software platform for superannuation, investments, life insurance and wraps.

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