Lonsec Fiscal's Adviser Network has announced the launch of a new digital tool to help superannuation members consolidate balances from multiple super accounts.
The new SuperFusion Plus tool is integrated with the Australian Taxation Office’s (ATO) SuperMatch 2 service, and uses a three step process to consolidate both known and lost super accounts, the Adviser Network said.
“Almost 15 million Australians hold superannuation accounts, with over 40 per cent of these people having at least two accounts,” said Adviser Network chief executive Duncan McPherson.
“By working with superannuation funds, we have developed a product they can use with their members to consolidate their super and simplify their retirement savings."
The Adviser Network said SuperFusion Plus was created to address the recent increase in unclaimed superannuation, which data from the ATO shows has grown 30 per cent in the last two years.
The release of SuperFusion Plus coincides with the launch of Link Group’s SuperMentor tool, a digital advice platform “designed to provide online superannuation advice and motivate members to engage with their super”.
SuperMentor provides members with a personalised ‘to-do’ list, real-time progress tracking, goal setting, education and advice, which Link Group chief executive of fund administration Suzanne Holden said would improve member experience by integrating advice across multiple touch points.
“Superannuation funds are increasing their advice offering as they recognise the provision of advice leads to greater member retention. Engaging and educating members not only improves their retirement outcomes, it engenders loyalty,” she said.