Industry superannuation fund VicSuper will next week begin using a "rapid advice engine" from Provisio Technologies to deliver single-issue financial advice to members.
VicSuper said yesterday that basic financial advice on contributions, investment choice and insurance will be given through a new team within the fund.
The Limited Issue Advice Team is to have an initial staff of three but Matt Licheri, manager of member services at VicSuper, said this will grow in the future.
Licheri said the team would provide straightforward advice on contributions including on adequacy implications and projections.
"If a member rings, we will tell them: you are looking at $200,000 at retirement, that will give you an income of X," he said.
Licheri said VicSuper already gets 500 calls per day from its 260,000 members seeking basic financial advice such as on insurance arrangements.
The fund has dealt with such queries so far through its Member Centre team and its Super Advice team.
The Member Centre team has a staff count of 20 to deal with very basic fund advice for members.
Most are not qualified financial planners but have done their RG146 and are studying for their diploma of financial planning, Licheri said.
The Super Advice Team is made up of 40 staff members that are licensed for personal advice, have the diploma of financial planning and conduct face-to-face sessions with members.
The new Limited Issue Advice Team's brief falls between the two, governing simple investment choice and contribution strategies as well as insurance, Licheri said.
The team will use software from Provisio Technologies, which specializes in rapid advice software, to deliver single-issue advice.
Provisio will provide a software engine, which can model client strategies and generate client-ready statements of advice within seconds, it said.
The Provisio engine will integrate with VicSuper member administration, allowing the super fund to give rapid, simple advice through mobile, web, phone and printed communications, the company said.
Cameron O'Sullivan, director of Provisio Technologies, said future initiatives such as online and mobile self-service advice tools would be developed with VicSuper, along with personalized education initiatives and co-browsing between advisers and members.
James provides a local perspective and explains to the audience why the mining investment boom is an aberration and it is now a 'return to the old normal'. To view James Bond's slides please click ... Watch video
Bob believes plunging oil prices may extend the stockmarket rally by a year or two and discusses why investors could expect a volatile few months. Overall, he believes we are entering an era of low returns ... Watch video
Is the European economy dead in the water? Is faith on Abenomics waning? Why should investors be more optimistic about the US economy this year? Chris Probyn, the Boston-based chief economist of State ... Watch video
The anchor man of the panel, Saul provides great insights on the domestic economy. And bravely makes the forecast that the Reserve Bank will not cut interest rates this year and that the next move is up ... Watch video
First, a confession. Mark may have started his career as an economist but he joins this year's panel not as a chief economist but as the head AXA Framlington Asia. This is to the benefit of the audience ... Watch video
Get it Daily
FREE to your inbox, get the Financial Standard Daily Email.