AM Corporation has gone live with a new electronic form designed to speed up applications for superannuation, which until last week, needed to be processed on paper forms.
The new form, which is expected to be taken up by advisers in the busy end-of-financial-year rush in June and July, has been designed in response to the Australian and Securities and Investments Commission (ASIC) ruling last week which opened the way for electronic applications.
For AM, the electronic form is the next step in developing their AM Bureau wrap service, and enables advisers to provide their clients’ application to the LifeTrack Superannuation Fund online.
AM general manager marketing Tony Bates says the electronic form is a first in superannuation online technology, and will be a boon to the few thousand advisers who already use AM’s online technology for superannuation.
“We’re going to see much higher efficiency as we have removed the possibility for human error, such as not entering dates correctly, or even post codes, which are all checked live, as the form is submitted,” he says.
AM Bureau services manager Brendan Gallagher says the demand for the new form has been driven by the advisers dealing with AM.
“Every fund manager has experienced the frustration of incorrect forms right at the last minute of an application process, which is common in superannuation,” he says.
“It is very timely for the industry to have access to these ‘smart’ forms which eliminate this from the application process.”
