HOSTPLUS pushes into GC retail market
Wednesday, 3 February 2010 11:45am
HOSTPLUS continues to defy convention by opening a retail shop in Queensland - the first time a non-profit super fund is opening its doors directly to the public and another signal that the Victorian fund is not afraid to expand aggressively outside its turf.
HOSTPLUS has teamed up with ME Bank to open a co-branded branch outlet on the Gold Coast.
Some of the services provided include superannuation, investment, retirement planning and banking at a "more intimate community level", according to a press statement.
Elia said the outlet will start out with two licensed financial planners with room for more as the business grows.
"We're piloting [this] but clearly with the view of rolling this out across Australia
"We're a national-based fund. This initiative will be largely driven by our members - if our members engage, and the community is supportive of it, then clearly that will give us the impetus to expand to other states," he said.
The rolling out of the retail service has been on the boil for at least two and a half years, said Elia.
Meanwhile ME Bank acting chief executive, Nick Vamvakas, said the partnership will aid the bank members in tapping additional financial services.
"We foresee a local community of people learning about financial matters, talking about financial matters and making sound financial decisions," he said.
The launch followed independent research commissioned by HOSTPLUS that showed face to face personal contact provides the highest level of service and is the preferred method of communication for people with long-term investments.
The research also suggests that members prefer to use a multi-channel approach to managing their finances.
"Investments of this nature are a big win for local businesses, and the council supports all efforts for leading Australian brands to directly invest in our community," said Dale Dickson, chief executive of Gold Coast City Council.
Ruth Liew
