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| David Elia |
Hostplus is looking to put on another three full-time financial planners in Queensland, while an online financial advice tool to be launched shortly will further increase the fund’s advice offering.
The new planners will bring the fund’s national total to 11, spread across all six states. The planners will focus 100 per cent of their efforts on Hostplus and are assisted by pool planners that service industry funds to deal with any overflows, according to chief executive David Elia.
The new online advice tool, which Hostplus is aiming to launch in July, will be integrated into the product offering. Members will be able to access the advice tool to receive advice in relation to investment options, level of contributions and insurance coverage, Elia said.
The online advice tool has the potential to revolutionise the industry, Elia said. It will also help free up some of the fund’s existing financial planners to provide more value-added financial planning service, while accredited contact centre staff will provide advice in utilising the tool, he added.
Members will automatically be able to request changes to their key investment options level of contributions, and to the level of insurance that they are seeking to acquire. The more rounded advice offering should help encourage members to become more engaged with their super, Elia said.
The Australian Securities and Investment Commission’s guidance relief has also provided further opportunities to industry funds to be able to provide cost-effective within-super advice, Elia said.
Hostplus has recently grown to about 960,000 members with 64,000 contributing businesses, Elia said.
