Sydney, Australia: Bravura Solutions, a global leader in financial services technology, has reached a groundbreaking milestone, with over 6 million Australian super fund members having the opportunity to access its market leading advice tools.
Bravura’s milestone affirms its leadership in empowering funds to support members as they navigate retirement and beyond. This achievement reflects the industry’s trust in Bravura’s proven technology, that has supported superannuation administration and financial services in Australia for over 20 years.
Paul Dunn, Chief Executive Officer for APAC at Bravura Solutions, said:
“The momentum behind digital advice technology is accelerating as more super funds embrace proven solutions to deliver guidance and advice to members. While this digital shift underscores a dynamic new chapter for the superannuation sector, the success in enabling better retirement outcomes hinges on delivering personalised advice at scale in a format that members want to engage with.
“We’re at the early stages of the digital advice revolution within super, and funds are naturally cautious and diligent about getting digital advice right. In our experience, they want a trusted partner who deeply understands their business, their members and has a proven ability to implement enterprise programs.”
Bravura is leveraging its proven financial services Midwinter technology for its hybrid advice model to deliver guidance and advice to members and importantly to build a member’s financial confidence through its advice model and tools.
In close collaboration with its clients, which include some of Australia’s largest super funds, Bravura is continuing to invest and innovate its digital advice offerings.
Aware Super, in collaboration with Bravura since 2020, has pioneered digital hybrid Advice solutions with the launch of its My Retirement Planner in 2023. The tool, which helps members set personalised retirement income goals and create action plans to improve their retirement savings, has transformed retirement planning for its 1.2 million members. The fund has successfully achieved over 68,000 Statements of Advice (SOAs) in just 20 months, with over 12% of eligible members aged 45+ actively engaging with the digital advice tool—far surpassing the 2% industry standard.
Rest Super’s collaboration with Bravura, which began in 2017, has proven successful in reaching members who don’t traditionally seek financial advice. In the last three years, Rest’s digital advice tools have been used about 30,000 times per year by members, making up nearly 9 in 10 of all advice interactions in that time. Rest credits digital advice for making the super experience simpler for its more than 2 million members, providing advice at the right time to help them with complex choices so they are better prepared for the future.
AMP Super, Bravura’s latest collaboration, recently launched its Retirement Health Check, an innovative digital advice solution designed to boost financial confidence and guide members to make better decisions about their superannuation and retirement. AMP’s selection of Bravura followed a highly competitive bidding process, reinforcing Bravura’s position as an industry leader in digital financial advice. AMP Super is also set to release a range of other digital advice solutions for its members this year, including investment choice, super contributions, insurance and pension management.
The scale of adoption and the powerful outcomes already being generated from these collaborations, and other projects where Bravura is partnering with major super funds across the super value chain, highlights that regulatory uncertainty is not impeding investment and action in enhancing member services.
Michelle Lusty, Product Manager for Advice at Bravura Solutions, comments:
“The super funds we are engaging with have indicated they are moving forward with business cases and execution of their advice strategies,” she said.
“It’s not just regulatory pressure that’s driving this trend – there’s real, tangible benefits to both super funds and their members. Bravura’s clients consistently tell us that members who engage with the digital advice tools feel more confident about their retirement.“
Bravura expects the design and delivery of digital advice solutions to remain a top priority for super funds this year and to gather pace as funds focus on service outcomes for their members and meeting their retirement income covenant obligations.
“The ability for operating models to adapt and deliver advice at scale as unprecedented numbers of superannuation members seek guidance and advice regarding their retirement in the next decade is critical for funds and the broader industry to achieve better member outcomes and experiences,” Lusty said.
As superannuation funds continue to evolve their responses to regulatory shifts and member expectations, Bravura Solutions stands at the forefront of this transformation—delivering better technology that not only improves member outcomes but strengthens the broader retirement system.
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