Online financial advice is not a priority for REST Superannuation, with the indsutry fund preferring to provide advice over the phone or in person.
“From our experience, online capabilities must be backed up by the ability to provide advice over the phone or in person,” REST chief executive Damian Hill said.
In September, the industry superannuation fund extended its contract with Money Solutions, which has provided financial advice and guidance to its members since 2005.
Almost 70,000 of the fund’s members have received advice through the partnership with Money Solutions, most of which has been single issue and superannuation related in nature. REST has also altered the way this advice is being delivered to its members.
“As part of this extension, we have looked to segment the delivery of advice so that we can best meet our members’ needs,” Hill said.
REST is currently involved in a number of industry working groups analysing the recommendations that came out of the Cooper superannuation system review in July.
The superannuation fund is also recruiting a senior management team to work with Ashley Boland, the newly-appointed strategic relations general manager. Hill said further appointments were likely.
“We continue to look at our workforce requirements to deal with the changing environment ahead of us,” he said.
In 2008, the fund introduced some major improvements to its insurance offering and it is continuing to monitor how these changes are working.
“Members have responded very positively to these improvements,” Hill said.
“We continue to work in partnership with our insurer, AIA, to address the challenges of rehabilitation for the long-term disablement claimants.”
Recently a number of superannuation funds have adopted online advice technology for their members.
In September, Hostplus launched an online service providing its members with investment choices, insurance and superannuation contribution strategies.
Two major superannuation funds are already using an online advice system developed by SuperRatings.
