Super funds have played a central role in preparing Australians to fund their retirement lifestyle.

But as super balances have grown and the retirement system has become more complex, a large super balance is no longer enough – people need confidence to know how best to invest and spend their super and personalised advice at scale can help.

Super funds are in prime position to meet that demand as people increasingly turn to the brands they trust the most to help guide them on their retirement journey.

But providing advice presents a different challenge for funds. Building assets under management is naturally scalable; by way of contrast, the reach of traditional face-to-face financial advice is limited and unlikely to meet the needs of all Australian’s nearing or entering retirement.

Funds are expanding the ways they help members, creating omni-channel advice experiences – whether digital or in-person – that answer a wider array of questions and reach more members.

The introduction of advice offerings is not just in response to rising demand but a natural extension to education and information and at the same time a response to regulation that is pulling funds towards the same end point.

A suite of changes implemented through the Your Future, Your Super reforms have also increased competition, creating a greater need to build relationships between funds and members and the Retirement Income Covenant provides a legislative responsibility to help guide members through retirement.

These regulations have created dual pressures: funds are at risk of losing members just before retirement (depending on the quality of external financial advice they receive) and they are at risk of attracting fewer new members to replace them (as fund stapling ends automatic account opening).

Digital advice is a key part of the solution, but the nature of digital advice has changed. It is now more intuitive to use and being deeply integrated into fund operations. It is a key to their future success.

Download this whitepaper to read more on: 

  • The growing demand for advice 
  • The impact of regulations 
  • The changing nature of digital advice 
  • How a fund can make its digital advice journey a success  

About the author

Deborah Dalziel

Marketing Manager, APAC

Deborah joined Midwinter (Bravura's digital advice platform) in January 2020 to manage the brand and marketing function, before expanding her remit to cover Bravura APAC's marketing function. With a diverse start-up, technology and marketing background and more than 10 years’ experience, Deborah brings a new perspective, substantial marketing expertise and a customer-focused marketing philosophy. Deborah holds a Bachelor of Commerce with double major in Marketing and Finance and a Digital Marketing Diploma.

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