Groceries giant, Coles, will keep its offers as simple as possible, as it expands its position in the financial services sector with a possible superannuation offer, Coles Financial Services general manager, Richard Wormald says.
Speaking at the 2014 Money Management Platforms and Wraps Conference, Wormald said the supermarket chain planned to "bring a retail flavour" to financial services beyond its existing credit card and insurance offerings.
Wormald told delegates that the retailer was looking at the possibility of establishing a Coles superannuation fund as part of its expansion into the sector.
"I don't know if we can make it as simple [as the insurance offering]," he said.
"[However], I think we can make it simpler than it is today, and I think there might be ways in which we can tie a super offer into what we do in the supermarket, [like] the point stacking offer we have with other offers [where consumers receive more FlyBuys points per dollar spent in the supermarket if they have Coles financial services products].
"I'm sure we can do that with super during the accumulation phase, ‘move your super to Coles and save more in the supermarket', [but] I also wonder during the drawdown phase, could we do something at that phase as well, because at that time groceries actually become one of the largest expenses in any family.
"It's certainly an area we're thinking about at the moment."
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.