An increase in online advice offerings is the way of the future for super funds providing a total advice package to members, according to Australian Super.
“There is a limitation to what proportion of our members we can reach through the phone-based channel, so we’re quite strong advocates of doing more from an online perspective,” said Australian Super’s general manager of marketing and communications, James Coyle.
The challenge is to help as many members as possible in simple situations that are classified as personal advice, such as contributions strategy, investment choice, transitioning to retirement and insurance, which are included within the super product but are covered by intra-fund advice, he said. The vast majority of members need help in these areas rather than comprehensive advice, he added.
Statements of Advice (SoAs) could be provided online with the option of expanding on that through a telephone advice service and complementing that advice in a face-to-face advice service for members who need it.
A webcam service where members could interact with an adviser or an online messaging service where people post questions could also be viable options, Coyle said.
“Online SoAs don’t replace people and advisers but they can supplement them and they can give people access to help,” he said.
Australian Super already has a call centre that provides factual advice, with qualified advisers available to provide intra-fund advice in areas such as contribution strategy.
Callers who have a more in-depth query are transferred to the financial education and advice team run out of Super Partners, and the fund also offers face-to-face advice.
