VicSuper launches digital advice suite
VicSuper has launched a digital advice suite called Beeline to strengthen member engagement.
The digital advice service would act as an online coach to provide members with access to financial advice 24 hours a day, seven days a week, free of cost to members, with the fund saying it would provide super advice at scale.
The superannuation fund currently had around 40 in-house financial planners across its 18 offices throughout Victoria, and 20 per cent of VicSuper members received personal superannuation advice, including phone-based advice.
Areas of financial advice would include additional contributions and investment asset allocation in their superannuation. The service would also provide general advice to members on retirement adequacy and budgeting goals.
Members could also make an appointment with the phone-based planning team or at one of their advice centres through the digital advice service, the fund said.
VicSuper chief executive, Michael Dundon, said: “We saw the need for a simple, intuitive experience to help members easily set goals for their super and track their progress in real time”.
“The dashboard is very easy to understand and the guided experience means members don’t become overwhelmed with too much information and complex decisions.”
The offering would assist members in tracking what they might need to do to bridge the gap in certain areas of their finances but did not want to commit to face-to-face advice appointments, Dundon added.
VicSuper conducted workshops to gather insights, and found members under 45 had a strong desire to retire early but were least engaged with their super due to time constraints and feeling overwhelmed with the decisions they had to make.
AUTHOR
Malavika Santhebennur
Recommended for you
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
