Media Release - AustralianSuper launches industry leading personalised online advice functionality
Melbourne, 5 October 2011: All-new, web-based intra-fund advice is now available to super members online via AustralianSuper’s new-look website, which was launched last month.
The advice functionality, developed in conjunction with Provisio Technologies, provides members with personalised advice on contributions, transition to retirement (TTR) and setting up a pension account. A new investment risk profiling tool will soon be added to the mix. There are also new, more sophisticated tools to help members determine their eligibility for the government Age Pension and health care card to provide a more holistic picture of ‘real life’ in retirement for members.
“This new capability has been developed in recognition of the growing acceptance and uptake of online banking and financial management, as an increasing number of members are now equally open to engaging with their super fund online,” said James Coyle, AustralianSuper’s GM of Marketing and Communications.
“The goal was to help members make more informed decisions about their financial future by taking away as many barriers to engagement as possible. Our new advice tools are fast, easy to use and utilise the member’s actual account information to provide advice 24 hours a day, seven days a week. These tools help members put their financial plans into action.”
People can access the advice tools in the main area of the site. Members can log on, with a secure online ID, if they want to work through to the point where a Statement of Advice (SoA) is issued. The advanced advice features are linked to information and functionality contained in AustralianSuper’s existing retirement calculator. This enables users to estimate their retirement balances under various scenarios. Importantly, it shows members various ways they could boost their ultimate balance by, for example, making additional contributions or factoring in spouse’s retirement investment information.
These new tools are also available via mobile devices including iPhone, iPad, Android and Blackberry. The site’s real edge is how it draws members into thinking about and planning for retirement, according to Jye Tucker, a Director of Provisio. Central to this are teaser-style widgets which act as a call to action, informing members how long their super might last in retirement.
“To really engage members AustralianSuper needed a departure from previous retirement modeling, calculators and so on. These old models tended to report on super balances or fund performance, which are fairly abstract when compared to the end goal, which is income in retirement. By shifting that focus to projected retirement income AustralianSuper is painting a picture of what super will actually mean to members,” Mr Tucker said.
Mr Coyle said that online advice is a logical and, in AustralianSuper’s view, a necessary addition to the suite of channels through which members can engage with their super. The cost to produce this kind of advice is much lower and can be accessed by virtually everyone.
“This new functionality enables members to “self-start” their financial planning experience,” said Mr Coyle, who also stressed that online SoAs don’t replace people and advisers. “At any point in the process the member can stop and then re-engage later or put in a call to our phone based superannuation advisers, who can access the history of advice provided and pick up where the online advice tool left off. It’s all connected to the same advice engine.”
“We believe that by ensuring our members’ online experience is a positive one, leads to increased engagement and in turn, improved retirement outcomes,” said Mr Coyle. “And when it comes down to it, that’s what we are all about.”
Download the full media release
For more information, please contact:
AustralianSuper
Susan Fairley
Marketing Manager
Phone: 03 8648 3834
sfairley@australiansuper.com