SuperEd is looking to raise an extra $3 million to $6 million on top of a recent $2.5 million to help with its partnership with Challenger to develop digital advice solutions.
SuperEd chief executive, Jeremy Duffield, said the funds were needed to provide new technology solutions to help bring higher levels of advice to the superannuation sector, assist clients in managing investment risks, and to encourage membership in super funds.
"Just two per cent of superannuation fund members get advice annually; there is a challenge to do this as well, and the only way to expand the vast mass of super fund members is to use digital advice," he said.
"The lack of help and advice plays a major role in many members leaving their fund."
Duffield said members often dropped out of super funds during retirement as they were unsatisfied with offerings, and this could be remedied with better digital offerings.
"Most members of super funds are going to need advice at one stage or another, yet 80 per cent head into retirement without help," he said.
"Funds are also starting to recognise that the service expectations of their members are changing and accessing help and advice when and where the member wants it will become a new norm.
"Most members should get advice, or coaching and guidance on an ongoing basis to help them on a journey to a satisfactory retirement income."