LUCRF Super has announced it will adopt Provisio Technologies' rapid advice delivery software to automate the back-office administration of its financial advice processes, and give members full-service advice in a cost-effective and efficient manner.
The fund needed a convenient and portable software package that its business development managers could take to worksites so they could provide financial advice to employees when required, said LUCRF Super chief executive Greg Sword.
"What it does is give us a way to provide high-volume, decent, effective, educational information and financial advice to people who, in the most, would probably not put themselves into a situation where they would be able to take advantage of the advice which is available," he said.
Advice regarding superannuation will be given free of charge to members – which Sword said accounts for 99 per cent of all advice given – while those who need advice outside of super will have to pay for the full service.
"We've gone in this direction because we want to give a full advice service, and the cost to us is really negligible because we've been working for five years to build this into the program we offer," Sword said.
"Essentially, it's part of the important information which people need about superannuation, so we've just incorporated it as part of the service."
Sword said that he believed it was an important responsibility for superannuation funds to offer their members a full advice service, and more funds will head down this road in the future.
"You can't be sitting here as a super fund saying 'yes we're accumulating and investing your money but we're not going to engage you in all these issues of what you need to do or how you need to look forward' … We'd be a pretty useless organisation if we didn't take that responsibility," he said.
LUCRF will conduct a full desktop rollout of the software, which includes contributions, insurance, transition to retirement, investment choice and retirement planning.
