Mercer spruiks benefits of limited advice
Superannuation members are more likely to take action in relation to their retirement savings if they receive simple advice from their fund, according to Mercer research.
Mercer provides phone-based financial planning services and workplace seminars for superannuation funds.
The financial services provider monitors the actions taken by superannuation members after they receive limited advice, and compares the results with a similar group of members who have not accessed advice.
According to the analysis, members who contacted the Mercer Financial Advice Helpline were twice as likely to make additional contributions and 10 times more likely to meet an adviser face-to-face.
In addition, after receiving advice over the phone members were five times more likely to make an insurance underwriting enquiry and three times more likely to make an investment change.
Members who attended Mercer Super Trust workplace seminars were twice as likely to make additional contributions and twice as likely to make an insurance underwriting claim. They were also more likely to log in to the super fund's website, make an investment change or open a pension account.
Mercer financial advice business leader Jo-Anne Bloch said members who have received advice are 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 as an industry to increase member engagement and maximise Australians' retirement savings," she said.
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