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Midwinter partners with super fund
Financial advice technology firm, Midwinter has announced its recent partnership with BUSSQ superannuation fund under which Midwinter’s AdviceoS platform will use a range of advice channels within BUSSQ.
The fund said it chose Midwinter due to its client engagement tool, such as its client portal, and due to the firm’s ability to easily integrate with third-party applications, in particular – superannuation fund registry platforms and CRMs.
The firm said that the partnership was in line with BUSSQ; launch and rebrand of its financial planning business as Skylight Financial solutions, which provided advice across all topics, within and outside of superannuation.
Midwinter’s Head of Institutional Growth, Salvador Saiz said: “Midwinter has worked closely with the BUSSQ and Skylight team to ensure that AdviceOS has met their exact requirements, particularly in the unique way that their phone-based advice interacts with the face-to-face component of their advice process.
“This native omni-channel approach gives BUSSQ an unique ability to not only monitor and supervise the advice that is going out in real-time, but also gives their advisers the tools to ensure that the advice is in the member’s best interest.”
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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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