Consumer-Centred: Reimagining how Australians access help and advice
The not-for-profit superannuation sector has been remarkably successful in delivering investment and insurance solutions for ordinary Australians by harnessing the collective power of its large member base to deliver services at scale. Services that would otherwise be beyond the reach of most.
However we have not yet found a scalable model of help, guidance and support that provides members with the advice they need, when they need it at a realistic price.
The traditional model of financial advice will never be capable of meeting the latent demand that exists. And super funds have struggled to identify an alternate service model.
We know that improving access to financial advice will improve retirement outcomes for Australians yet many Australians miss out on formal advice. We also know cost is a barrier.
In this project, we attempted to throw off the regulatory constraints. Consumer needs were our sole focus in our approach to developing services that solve their problems.
With our Steering Committee comprising super funds, consumer advocacy groups and industry service providers, we developed three service model concepts that could meaningfully improve how many Australians access advice.
Each concept tackles the problem in a different way, focusing on different consumer needs and addressing different barriers.
None of these ideas are a silver bullet.
Our intent for publishing this work is to encourage our industry to consider different ways of designing advice models for members.
We will continue to work with industry partners to progress these ideas to implementation.
You can read the full report here and if you would like to participate in the next steps for this work, please contact:
Executive Manager - Advice Solutions
T 03 9657 4305 M 0407 058 497