Is workplace super the new advice driver?
IOOF has pointed to workplace superannuation as a new growth area for the provision of financial advice.
IOOF Head of Employer Super, Stephen Black, has pointed the opportunity for financial advisers to work in partnership with employers to provide advice and grow their client base.
In doing so, Black said recently-published Roy Morgan research had confirmed an increasing number of employees were actively asking their employer for professional financial advice on their super, something he said highlighted "the value advisers can bring to the financial wellbeing of both employers and employees".
"Financial stress is a major cause of disruption and loss of productivity at work, but access to financial advice can help combat this," he said. "Research shows that 72 per cent of people who switch super funds seek advice before doing so, with 19 per cent of those seeking that advice from their employer, and by extension, the financial adviser for that workplace super plan."
Black said there appeared to be a growing gap in the market when it came to superannuation options typically on offer.
He said IOOF saw workplace super as a win-win for advisers.
"Being the adviser attached to a workplace super plan, you become the natural point of contact for all employees seeking advice on more than just their super needs, and when approaching new clients, offering workplace super advice will strengthen your value proposition," he said. "At the same time, employers save time and money when it comes to the management of their superannuation obligations, while offering their staff a highly valued benefit - financial advice and a flexible super scheme."
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