Superannuation fund administrator Pillar Administration (Pillar) will now offer a single-advice software tool to its super fund clients after inking a deal with Western Australia-based technology service provider Decimal.
When implemented in May 2010, the software tool will allow super fund members to seek single-issue advice via their fund's website and take action online or seek validation via a telephone-based financial adviser.
Pillar chief executive Peter Beck said there was gap in the market between simply offering members information and then jumping to a full financial plan.
"As accounts build up, financial advice has more relevance. But many small funds weren't offering that," he said.
According to Beck, one advantage of the Decimal technology is that it will allow Pillar's client funds, which include Prime Super, Media Super and First State Super, to communicate with large sections of their membership base.
"Our single-issue advice requirements demanded a software solution that was flexible enough to meet the needs of our multiple clients' varied requirements as well as delivering a compliant, efficient and integrated solution," Beck said.
"The Decimal solutions will enable Pillar to support the advice needs of our clients and their members through an end-to-end web technology application. The fact that fund members can choose to self-start was also appealing."
Decimal managing director Jan Kolbusz said it was important that the system integrated with Pillar's existing administration systems so that it was efficient and cost effective.
"Our partnering approach with Pillar means this will be up and running very quickly," Kolbusz said.
Pillar currently manages around 2 million member accounts, 20 schemes and over $53 billion in assets.
