News Article:

Financial Advice by Superannuation Funds

Superannuation Funds preparing for entry to the Financial Advice Space

Superannuation Funds should be looking for software that will enable their ability to service more of their members, not only with advice on superannuation, but also an expanded role of providing personal advice on investments.

The Federal Government has accepted the Quality of Advice Review (PDF opens in new window) recommendation to allow superannuation funds to provide retirement advice and information to their members about investments.  

At a recent meeting of industry executives, Minister Stephen Jones said superannuation funds would be the big winner from QAR.

While the finer details have not been released, it appears superannuation funds:

  • Could provide personal advice on both superannuation and investments
  • Should take into consideration the member’s personal circumstances, including social security entitlements, and
  • Charge a fee for the advice they provide, although it is anticipated there will be a limit on the fees that can be charged.
superannuation fund spaceship

While superannuation funds, may be the “winner”, a lot of preparation will be required by the superannuation funds to meet the requirements of the government.  If the government is true to form, I suspect they will severely limit the fees that can be charged to members.

How our Financial Advice software works

Advice Online is software developed to meet these challenges.  Read on to see how simple the process for the superannuation fund can be . . .

  • The member is asked to register an Advice Online account, and complete the Fact Find.
  • The Fact Find, includes a section called “About Me and My Family”, that will provide the adviser about the member’s personal situation, their risk tolerance, their short term financial objectives and the advice they require.
  • The Fact Find includes an easy-to-complete table of information about their investments, homeownership and all their retirement accounts.
  • The Fact Find, tells the adviser how much the member wishes to spend in making additional loan payments and investments, including personal superannuation contributions.
  • Once the Fact Find is completed, the adviser is notified by email.
  • The adviser reviews the information in the Fact Find and then imports the information directly into a financial plan.
  • The adviser reviews the objectives of the member and optimizes the plan to meet those objectives.
  • Once the plan is completed, the adviser will write their advice specific to that member, using a selection of advice panels. The advice can be as simple or as complex as required.
  • Advice Online will then automatically generate the Advice Record.
  • The adviser will “Publish the Advice” and the member is notified the Advice Record has been completed.
  • The member will log into their account and find not only the Advice Record but a full multi-media experience.

Experience true Multimedia Financial Advice

  • The dashboard, provides 8 dials, displaying information on a yearly basis, allowing the client to slide to any year and view the results.
  • An additional three interactive reports (Plan Map Illustrated, The First 5 Years and a Debt Management Summary).
  • The Fact Find includes an easy-to-complete table of information about their investments, homeownership and all their retirement accounts.
  • A further 10 PDF style reports, including the Insurance Needs Evaluation that can be completed by the client and returned to the adviser in the Client Connect Portal.

Digital technology will be the key to their success.

Glenis Phillips SF FIN
Designer of Financial Mappers and Advice Online

Streamline Financial Advice without the Gridlock for members of the Financial Services Industry

Versions have been developed for both the Australian and New Zealand markets, each with a dedicated URL:

 

Glenis Phillips SF Fin
– Designer of Financial Advice Online
A Few Words

Our History

Plencore Wealth Ltd has been developing financial planning software for 10-years and has expanded with versions of the software for New Zealand, and can be customised for the international market. 

We designed our financial planning software for professionals, corporations and individuals DIY investors.

Glenis Phillips SF Fin,
Director
New Product

Financial Advice Online

Our new product, Financial Advice Online, has been designed for members of the Financial Services Industry who need a readymade customizable portal to provide digital financial advice. 

The software creates a financial plan together with an advice document for your clients.  

This product is ready for both the Australian and New Zealand market. 

NZ Customers
Plencore Wealth Ltd holds relevant URL for New Zealand clients