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Decimal helps LGsuper with online financial advice
LGsuper has appointed online financial adviser technology provider Decimal to develop an online single-issue financial advice offering for the fund.
LGsuper chief executive David Todd said the deal will help address a number of specific business and technical requirements, including the ability to upscale in future.
“We also anticipate deeper engagement by our fund members via the phone and face-to-face advice which will, of course, be underpinned by the Decimal technology,” he said.
LGsuper, which is due to merge with City Super on 1 July to create a $6 billion fund, also plans to adopt Decimal’s SmartCalculator in the near future, the fund stated.
Decimal has also recently been picked up by Pillar Administration and AvSuper, the firm stated. Decimal will also co-host, in conjunction with KPMG, representatives of major Melbourne-based industry funds at a breakfast next week, for a discussion on the influence of technology in navigating through regulatory changes in the industry, Decimal stated.
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The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
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