AustralianSuper enters advice space

AustralianSuper will offer personalised advice and guidance for members through a new online service.

The service will be available to members via the AustralianSuper member portal. Launching in stages starting this year, it will allow members to access personalised advice and guidance on topics including investment options, contributions and retirement health checks.

AustralianSuper general manager of retirement Shane Hancock said receiving quality financial advice can make a real difference to members' confidence about retirement.

"We want members to feel in control, so we're giving them the tools to get quality advice in a secure environment at a time that suits them," Hancock said.

"When the roll-out is complete, members will be able to take their online journey even further, by choosing to speak with a qualified adviser virtually or on the phone.

"Our growing base of 3.6 million members will be able to access the platform - one of the largest advice offerings in Australia."

The advice will be provided by an entity within the AustralianSuper group, AustralianSuper Advice Pty Ltd. Financial services lawyer and policy expert, Michelle Levy, has been appointed as an independent director.

Levy was previously chair of the Quality of Advice review and partner at Allens.

"Financial advice that takes into account someone's personal circumstances can make a big difference to their retirement outcomes. That advice should be accessible and simple to understand and follow," Levy said.

"Through the online advice journeys, AustralianSuper members will be able to get just that - quality personal advice and guidance whenever they need it.

"This will help members to make good decisions about their superannuation and, ultimately, enjoy greater financial security in retirement. That's what superannuation and financial advice are all about."

AustralianSuper said if online advice is enough to meet a member's needs, they can receive personalised recommendations and take steps to action these via the advice platform.

The super fund said those who choose to speak with an adviser can do so by phone or video call. Complex cases can be referred to a Comprehensive Advice adviser made available to members by the fund.

AustralianSuper said the new tools will complement the existing online education, tools and calculators it offers, which it said around 1.6 million Australians accessed in the last calendar year.

"Our ambition is to provide personalised guidance to every member, and we are investing in our people, technology and processes to achieve this within the decade," Hancock said.

"We are committed to giving members the advice they need, when they need it, and giving them the tools and confidence to create their own financial future."

The new service will be rolled out in phases, with the first online journey to launch in the coming months. Adviser-led journeys will be offered to members from early 2027. Technology provider, Ignition Advice, is helping to build the online capability.