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Super funds trump planners in advice game
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Published: Investor Daily (7/6/2010) - View original article
Super funds continue to take the lead in innovating the financial planning space, a technology firm has said.
A number of superannuation funds now deliver advice with greater efficiency than financial planning groups because they are more open to new approaches, according to a financial services technology firm.
The innovations being adopted by superannuation funds means they are beating many financial advisers at their own game, Provisio Technologies director Cameron O'Sullivan told InvestorDaily.
"By starting from a virtually clean slate, many super funds have taken advantage of more efficient processes and the new generation of rapid advice delivery software to deliver high quality advice in ways which the financial planning industry is yet to adopt," he said.
"The super funds have been forced to look at alternatives in order to provide reasonably priced, quality advice for many thousands of members.
"They now pose a competitive threat to a portion of financial planners' client bases, by offering a cheaper and faster advice alternative."
O'Sullivan said the key to the superannuation funds' greater efficiency is due to their focus on delivering transactional advice.
"Transactional advice relates to a specific member need, such as the amount of insurance cover they require or the most tax-effective way to make additional super contributions," he said.
"In contrast, many planners still feel obliged to deliver a full financial plan rather than providing specific, targeted advice."
Intra-fund advice has provided the opportunity for the superannuation industry to take a refreshing new look at the entire financial advice process, O'Sullivan said.
"Meanwhile, most financial planning groups are still attempting to achieve rapid advice with some kind of cut-down version of their holistic planning software," he said.
"This will never achieve the required efficiency in this market and it is for this reason that funds have looked at entirely new tools for this space."