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Should funds deploy advice with admin?
With intra-fund and scaled advice becoming integral to superannuation fund offerings, new research has suggested that enterprise-grade intra-fund advice functionality should be deployed alongside superannuation administration platforms.
The research, the latest Investment Trends Planning Software Report, has pointed to recent technology deployments by major superannuation funds.
"The deployment of Decimal at Mercer and QSuper is a significant milestone for intra-fund advice technology, Investment Trends technology analyst, Ian Webster said.
"Decimal has demonstrated that enterprise grade intra-fund advice functionality should be deployed alongside super administration platforms," he said.
The Investment Trends award for best superannuation scaled advice application went to Decimal, with the research housing noting that superannuation fund intra-fund advice technology had emerged from a previous generation of Australian fintech developers led by Rubik Provisio and Decimal.
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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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