Intra-fund advice prospers

Provisio signs seventh industry fund

By Victoria Papandrea
Fri 02 Jul 2010

Provisio Technologies continues to build a strong presence among industry super funds signing up to use its intra-fund advice solution.

Provisio Technologies has continued to build a strong presence among industry superannuation funds signing up to use its intra-fund advice solution.

The software firm has recently signed its seventh industry superannuation fund to deliver a low-cost, rapid advice solution to members.

Provisio Technologies director Cameron O'Sullivan said its super fund clients have delivered close to 100,000 statements of advice (SOA) in just a few months.  

"With the technology able to deliver a quality SOA in 10-15 minutes, it gives super funds a huge amount of flexibility in how they choose to deliver the advice," he said.

Since rolling its suite of advice software out to the market last year, Provisio has been involved in detailed discussions with more than 30 industry and institutional funds, O'Sullivan said.

In addition to those funds already using Provisio's advice solution, he added there were several other superannuation funds currently engaged in pilot programs using the software as both a call centre solution and for providing advice to members online.

"We are also seeing a lot of competition between providers to be leading the market with their advice services," O'Sullivan said.

"Right now, there are very few major players in the industry who aren't focused on expanding and enhancing the advice services provided to their members."

O'Sullivan said the government's intra-fund initiative was already engaging superannuation fund members successfully.

"There is little doubt low-cost advice is being embraced by fund trustees, and members seem to appreciate the opportunity for simple, low-cost advice," he said.

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