ESI Super has seen a huge increase in the statements of advice provided since the fund formalised its single-issue advice process last year. ESI Super is currently looking to further build its member engagement levels with a series of educational webinars, according to chief executive Robyn Petrou.
Commenting on regulatory changes by the Australian Securities and Investments Commission (ASIC) that allow super funds to provide limited advice, Petrou said the changes allowed ESI Super more access to provide single-issue advice with the sole purpose test to more members. The fund was issuing 59 per cent more statements of advice since August 2009, she said.
Previously ESI Super planners had been busy meeting the demand for full advice, but that demand had been curbed by the provision of single-issue advice, allowing ESI to expand its advice offering and focus on younger members who may not have been accessing full advice previously, Petrou said.
ESI Super has traditionally had a high level of member engagement (possibly due in part to high member balances), but a recent series of informative webinars and videos has increased that further, Petrou added.
“I did a webinar not long ago on the Federal Budget and its impact on our members, and within a week we had about 244 people hit the website. Not only did they look at it but they went through the whole presentation,” Petrou said.
ESI Super also has a large seminar program that has increased by 21 per cent over the past 12 months, and is looking at further ways of utilising that program to engage members and tying it in with the advice program, Petrou said.
