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Industry fund signs new intrafund advice delivery deal
Another industry superannuation fund has moved to expand the delivery of intrafund advice.
Legal profession-focused super fund, Legalsuper has announced that it has extended its partnership with major administrator, Link Group, to deliver a new digital intra-fund advice service to members via Link’s Super Blueprint product.
Link describes the Blueprint product as “condensing complex financial concepts into comprehensible and accessible advice for superannuation fund members”.
“Integrating into Link Group’s registry system, Super Blueprint prepopulates the member’s legalsuper information making it easier for them to generate their own advice,” the announcement said.
“With over 10 years of experience and continual learning, Super Blueprint takes a personalised approach to delivering advice specific to member interest topics such as investment choice, insurance, projected retirement needs and contributions.”
Commenting on the move, legalsuper chief executive, Andrew Proebstl said the fund was continuing to focus on providing members with access to information and advice to help them make the most out of their super and retirement.
He said that the algorithm underpinning the Blueprint offering had undergone rigorous, independent testing by a global actuary to provide personal intra-fund advice to superannuation fund clients and their members.
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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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