XPlan are in the process of developing an automated statement of advice (SOA) platform for a cohort of local government superannuation funds.
Tasmanian fund Quadrant Super, Victoria's Vision Super, Local Super SA and WA Local Government Scheme have entered a joint venture to speed up their SOA process and implement new technology.
Each fund owns 25 per cent of the employee-less development which sees the funds' planners operating as authorised representatives under Quadrant Super's financial services licence.
Vision Super's chief executive Rob Brooks said Vision had spent years trying to solve the problem of giving personal advice to the masses, but he thought they were "onto something".
"I have a lot of confidence. I think this is going to grow and be a very, very profitable investment for all the funds," he said.
Brooks said Vision did not initially commit to the venture because it had made its SOA template and plating process more efficient during a recent overhaul – but they needed the technology.
Vision has spent about half a million dollars investing into the platform so far, he said.
"Even after spending a significant amount of resources into this development, we're still a long way from getting it. The framework is there. We're working towards it," Brooks said.
But WA LGS' manager of business development and advisory services Paul Owen said the platform would be implemented soon. It joined the venture to speed up its SOA process while also seizing the opportunity to implement new technology as its current platform provider wound down its business.
The fund employs eight financial planners and four paraplanners.
"We're on the cusp of the implementation of this," Owen said.
Ray Bailey, financial planning manager for Local Super SA which has become a division of Statewide said it may have been easier to develop individual SOAs instead of the generic template they were working on.
