ING super now more flexible
Ross Bowden
ING Australia has made a number of changes to its Integra Super product in order to increase flexibility for advisers and their clients.
From July 1, members will be able to have insurance premiums deducted from their super account on a monthly basis rather than annually in arrears, which means advisers will also receive commission payments monthly.
ING executive director, employer superannuation, Ross Bowden believes the improved regularity of deductions will give advisers a real incentive to grow their business, particularly when it comes to thinking about including insurance cover for small to medium enterprise (SME) clients. The changes will benefit advisers who receive their commission payments monthly rather than waiting until the end of the year.
“We have responded to advisers and SME business clients, who have been demanding greater flexibility,” said Bowden.
“With these enhancements, we are providing advisers with the tools to win more employer super business, in addition to better servicing employers and their staff.”
The introduction of more regular payments for insurance commissions will provide a greater incentive for advisers to write more group risk business in this sector while also tackling the underinsurance problem.”
Coinciding with these changes, ING will be restructuring the way Integra Super members are charged for investment advice, enabling them to choose to have the adviser service fee charged as either a dollar based or percentage based measure.
According to Bowden, this will ensure a more equitable and flexible service for clients with a low account balance. “This will ensure a level playing field for members irrespective of their account balance, and it gives advisers and employers more flexibility in choosing the option that best suits them,” Bowden said.
The new dollar-based option will be available for up to $150 per annum per member, with the existing percentage-based option of up to 1 per cent of a member’s investment balance also still available.
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