Plum Financial Services will step up its focus on providing intra-fund advice to its member funds, managing director Scott Hartley has said.
The move follows the July announcement by the federal government and ASIC that superannuation funds would be allowed to provide limited financial advice to members.
"Intra-fund advice will give us the opportunity to provide advice on a low-cost basis to our members," Hartley said.
The business would look at developing technology to support the provision of intra-fund advice, he said.
He said intra-fund advice would give people an understanding about the value of advice.
"A lot of people will see the value of advice in a low-cost way. By seeing the value of advice, this may encourage some people to take up more complex advice solutions," he said.
The business was positioned for more growth following the overhaul of National Australia Bank's wealth management division this year.
The formation of the new wealth businesses, MLC and NAB Wealth, brought MLC, nabInvest and NAB Private Wealth under one group, led by Steve Tucker.
Under the structure, Hartley now oversees MasterKey Business Super and Plum Financial Services as well as consulting businesses MLC Implemented Consulting and JANA.
He said the new structure would benefit from the collective strategies of the groups.
Plum has won a number of corporate superannuation mandates in the past three months, picking up Royal Automobile Club of Victoria (RACV) and Merck Sharp & Dohme as new corporate accounts.
"It [the structure] has already proven to be successful. By winning the two corporate accounts we were also able to pick up tenders for each of our asset consultants," Hartley said.
Both JANA and MLC Implemented Consulting now provide investment advice to RACV and Merck Sharp & Dohme respectively.
