Aware Super pilots digital retirement advice tool

Aware Super has launched a new digital advice platform designed to give members greater control and confidence in planning for retirement.

The solution, Retirement Manager, has been developed in partnership with Bravura Solutions and is currently in pilot with a small group of members and is expected to be made available to all eligible members aged 60 and over later this year.

The tool addresses two key retirement questions: how much can I spend, and how long will my money last? 

Members can set up an income stream, select an investment option, and model a variety of income and spending scenarios. An “income confidence score” helps users measure their plans against personal goals.

Retirement Manager also estimates age pension eligibility, incorporates a spouse’s financial details, and models the impact of major decisions, such as funding an overseas holiday or assisting children with a home deposit.

Members can also book an advice appointment at no extra cost through the tool, with Aware Super retirement specialists available to fine-tune plans and provide additional support.

Group executive, member growth, Steve Travis, described Retirement Manager as an industry-first in digital retirement planning and advice.

“Retirement Manager takes the stress out of retirement planning, giving members the power and the flexibility to create a personalised plan that can be easily adjusted as their needs and circumstances change,” Travis said.

“With many people heading into retirement without any plan at all, Retirement Manager dramatically lowers the degree of difficulty involved in getting started and, importantly, is integrated with human help for that additional level of personalised support.”

The new service builds on the success of My Retirement Planner, a digital advice tool available for members aged 60 and under. 

More than 130,000 members have used that tool to model retirement goals and develop savings plans during the accumulation phase, according to Aware Super.

“These digital advice solutions reinforce Aware Super’s position as an industry leader in innovation and the use of technology to enhance member experience and retirement outcomes through scalable solutions,” Travis said.

This is the latest venture into the financial advice space for the super fund, having recently launched a suite of digital features designed to make it easier for financial advisers to manage administration and support their clients. 

The enhancements include direct data feeds to Xplan, online adviser registration and nomination, and in-app approvals for client transactions. According to the super fund, these upgrades aim to trim down on paperwork and speed up processing, allowing advisers to spend more time with clients.