Superannuation fund members who obtain advice are twice as likely to make additional contributions, according to new research released by Mercer.
The research – released during the Financial Services Council conference on the Gold Coast last week – said those receiving advice were also twice as likely to make a beneficiary update and five times more likely to make an insurance underwriting enquiry.
Commenting on the research, Mercer Financial Advice business leader Jo-Anne Bloch said member activity showed that individuals who accessed simple advice were more likely to take subsequent steps to boost their retirement savings.
"Making simple advice accessible and cost-effective is one of the most powerful tools we have to increase member engagement and maximise Australians' retirement savings," she said.
