Industry superannuation fund, Equip, has announced it is piloting a robo advice service ahead of a general release to members by the end of this month.
The new service, branded Equip MyMoney, is a custom-built superannuation version of Clover.com.au's automated investment service.
According to the fund, it would help members make the right choice from the fund's existing investment options based on their risk profile calculated from user responses to a short series of questions.
Commenting on the service, Equip's executive officer, Member Relationships, Justin Sadler, claimed the service would be a quantum leap forward in the online experience and capability available to the fund's members.
"It will appeal particularly to younger members, those who want guidance in making good financial decisions, but who are unlikely to invest time and money in a face-to-face consultation with a professional planner," he said.
The fund said the initial pilot was designed to test the user interface and enable Equip to make minor tweaks if required before rolling out to the general membership over the next few weeks.
Sadler said an important differentiator for Equip MyMoney was that it would allow members to seamlessly pass an investment switch instruction to the fund based on the statement of advice (SOA) created by the robo adviser.
In addition to recommending an appropriate investment choice, Equip MyMoney would also allow members to see what difference extra super contributions could make to their retirement income.
Members would be able to nominate any additional contributions they wanted to make for inclusion in the SOA. If they do this, Equip MyMoney would generate a pro forma salary sacrifice request for them to present to their employer.
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