A new online advice system claims it can reduce costs by 80 per cent and has been backed by two super funds.
Two major superannuation funds have adopted SuperRatings' online advice system that claims to reduce single issue advice costs by up to 80 per cent.
The service has been developed by SuperRatings' web development subsidiary Toowards.
The SuperAdvisor web-based solution, will provide automated statements of advice for members of superannuation funds, dealer groups and financial planners.
"With the majority of superannuation members in Australia looking for single issue advice, as opposed to full financial planning, we have spent considerable time in developing a system that can be used by anyone, whether it is a member, a call centre operator or a financial planner," Toowards director Graeme D'Costa said.
So far, the system has commitments from two major super funds that have more than 1 million members and around 30 proposals have also been sent out for other funds to consider.
The system will go live in two months after going through final compliance and actuarial testing.
"Going live is the culmination of well over 18 months of difficult, and at times, complex design work. We are confident that this service will provide clients with a significant advantage in being able to advise and retain members in an extremely cost efficient manner," D'Costa said.
SuperAdvisor can be linked to a fund's administration platform and will allow members to view current details as they search single advice matters such as investment choice, contributions options, and adequacy of insurance and retirement benefits.
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