Calls made by superannuation members seeking advice on the market downturn have jumped, according to Mercer.
In 2008, the firm took 413,000 calls from its client helplines - a 17 per cent spike on 2007.
Calls increased sharply in October when the sharemarket fell by 12.9 per cent. Advice sought on investment options were up 72 per cent in the latter part of the year and calls regarding redundancy payments were 84 per cent higher than 2007.
However, not many of these calls resulted in a request for a full financial plan, according to Mercer head of member services Anthony Schiavo.
"Most people simply wanted to receive comfort about their superannuation from a licensed financial planner. Only a small per cent of these calls were made into statements of advice," Schiavo said.
He said the findings highlighted the importance of easy access to simple, scalable advice.
"People with only a $10,000 super balance still need advice. Superannuation funds are in an important position to offer this scalable advice," he said.
The need for access to advice as a result of market volatility was highlighted in late 2008 when ASIC announced it would allow super plans to apply for temporary relief to provide limited guidance to members, Mercer Asia Pacific outsourcing business leader David Anderson said.
Mercer's helpline has eight authorised advisers that provide limited personal advice over the phone. The service oversees 600,000 members.
