Corporate super reporting made easy
The launch of a new support product will allow financial planners to compile reports for clients who are corporate super fund members in an easy and timely manner, irrespective of which organisation the client’s fund belongs to.
Launched in March 2006, the Avant Solution Snapshot & Scenario (S&S) Report allows advisers to generate en masse individually tailored reports for each client and fund member, showing them the current status of their investment in the fund as well as the effect predicted scenarios would have on the investment in years to come.
“What we’ve done is built the infrastructure to allow mass-producing of concurrent reports,” Avant managing director Tim Woodhouse said
While the product has been developed to allow financial planners to add value for their clients, distribution of the product has actually been achieved through super fund managers.
“When we presented this to all of the fund managers to get their buy-in, they all came to the party in providing their data for the back-end of the product. This went to the next level, where we would get calls from BDMs [business development managers] in corporate super wanting to introduce advisers they knew to the reporting system,” Woodhouse said.
The S&S Report is set up such that Avant provides the reporting framework for advisers, but the advisers themselves must request the data needed from the relevant corporate super manager.
Financial planners wanting to use the product have a choice of two licensing options.
“There’s a gold licence and a silver licence. The gold licence is $12,000 a year and the silver is $6,000 a year. The difference is purely in the number of reports that can be generated from it,” Woodhouse said.
“If you’re a bigger adviser and have got bigger clients, then you’d take on the gold one. If you’re just starting in the market or want to start generating a bit more business, then you’d take the cheaper one,” he explained.
The reporting package comes with eight to 10 hours of training for the adviser.
In response to the success of the S&S Report, Avant has appointed Shane Hancock to the role of director for the firm. Previously, Hancock was head of distribution — superannuation solutions with BT Financial Group.
Recommended for you
Adviser Ratings’ latest financial landscape report finds there is a demographic of advice practices achieving an average revenue of $5 million, with only 3 per cent of practices overall seeing a revenue decline.
The FAAA is calling for regulators to take a partnership approach with financial advisers regarding incoming legislation, rather than treating the industry as “guinea pigs”.
There have been strong numbers of returning advisers this year so far, according to Wealth Data, already surpassing the same period for 2024.
Less than one-third of Australian business owners have an ongoing advice relationship, according to NAB Private Wealth, highlighting an unmet opportunity for the advice profession to target.
