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MLC Business Super aligns with retail platform
MLC Business Super has taken advantage of some of its retail investment options, aligning its investment menu with the MLC Masterkey Fundamentals platform and adding nine new investment options.
"Any new developments that come through the Masterkey platform we can offer to business super," MLC Business Super general manager Michael Mulholland said.
Mulholland said the changes to Business Super had been developed over the past three years in response to a need for better customer engagement.
It would "revolutionise the operations area, the products area and the member experience in particular," he said.
MLC Business Super had operated as a traditional superannuation player, Mulholland said, a mode of operation which no longer "cut it" due to changes in communication methods like mobile and social.
Mulholland expected further changes to take place around the business' commission structure and remuneration to fit in with the Future of Financial Advice (FOFA) reforms.
MLC has also partnered with DST Global Solutions (Bluedoor) to roll out a number of changes to the MLC Masterkey Super and Pension Fundamentals products.
DST said it was enhancing the MLC Masterkey platform and Horizon series managed funds.
"We required a complete solution capable of integrating into our existing technologies, and selected Bluedoor as the best choice following a global tender process," Andrew Barnett, general manager of MLC Retirement Solutions, said.
MLC plan to release a number of retirement guarantee products for retail customers.
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