Super doesn't have to be 'boring', but innovation is keyBY ELIZA BAVIN | WEDNESDAY, 12 MAR 2025 12:25PMIn a world of fast-changing technology, old school thinking is holding superannuation funds back from the forefront, according to industry professionals. Related News |
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John Burke
GLOBAL CHIEF EXECUTIVE OFFICER
BENNELONG FUNDS MANAGEMENT LTD
BENNELONG FUNDS MANAGEMENT LTD
Bennelong Funds Management is like a mainline into the jugular of Australia's financial advice sector, with more than 6500 advisers channelling capital to its funds. But its global chief executive John Burke says the job's not done yet. Andrew McKean writes.
The engaged use of AI allowing interactive voice engagement with personal advice attached through an SoA in intrafund advice is what I would term innovative and importantly, live right now. Source : Otivo Pty ltd . ( conflict declared)
However the Super industry is going to morph back into the days of mutuals (who they replaced) unless they embrace what's available rather than trying to boil the ocean and build everything in-house. Most of the funds are so heavily engaged in IT with mergers and takeovers and this coupled with APRA at their heels makes it "easy" to defer easy leadership initiatives with member benefits.
Here is fact: if a super fund wants to launch a full personal advice service without AFSL risk and wants it to be scalable to thousands of members not just those that can afford it - it's here and can be live within 4 weeks. The teams of procurement officers cost more than the service does - ironic or what ? ....the issue is human capital and focus by CEOs to force change as visionaries.