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.
What are the key challenges advisers face when building retirement portfolios for clients? Watch Joe Fernandes, Head of Global Investment Solutions at Colonial First State Global Asset Management. Watch video
At this year's PIMCO Secular Forum, the company's global executives set themselves the challenge of taking a three to five year view and anticipate where the market would be against what investors would ... Watch video
Around 150 delegates attended Financial Standard's inaugural Best Practice Forum in Managed Accounts held in Sydney in August. Financial Standard also launched a new magazine: FS Managed ... Watch video
Get it Daily
FREE to your inbox, get the Financial Standard Daily Email.