In what it has called the “first partnership of its kind in Australia”, UniSuper has announced it will launch a digital advice offering for members in June.
The super fund, which is the fourth largest in Australia in terms of funds under management with around $149 billion as at 31 December 2024, has partnered with digital advice technology provider Ignition Advice to provide members with “accessible, affordable personal advice, at scale, covering superannuation, insurance, investments and retirement options”.
“Our goal is to provide great retirement outcomes for our members, we know that advice provides financial security for those preparing for and in retirement. We want to ensure that each member has access to advice that’s tailored to their needs and helps meet their goals for a better retirement,” UniSuper chief executive Peter Chun said.
“While some members have complex financial situations requiring a detailed plan, many have simpler needs but still want expert guidance to build their financial confidence and support their retirement plans. Through digital advice, we can offer this advice in a fast and scalable way, increasing accessibility for all members.”
This cohort of members, which UniSuper called the “missing middle”, will have access to personal advice on their investment options via the MemberOnline Portal or the UniSuper mobile app, before being extended to personal advice on contributions, insurance and pension drawdowns.
According to UniSuper, the super fund’s education, guidance and advice team will power the digital advice platform, with members being “guided through a journey and series of prompts to understand their needs and based on responses, receive a personalised recommendation”.
Upon member instruction, the platform can then implement their advice directly.
“If the need arises, members will have the opportunity to engage with a UniSuper Advice colleague at any stage throughout their journey on the platform. Some, but not all, additional services may be provided at no additional cost,” UniSuper said.
Ignition Advice CEO Terry Donohoe added that the offering aims to “close the advice gap”.
“We are thrilled to partner with UniSuper, one of Australia’s largest and most respected superannuation funds, to bring this innovative digital advice solution to its members,” Donohoe said.
“UniSuper’s demonstrated ambition and vision, underpinned by their award-winning service, cements their place as global thought leaders in the space. With our mission being to ‘close the advice gap’, this partnership is a significant step towards achieving that goal.”
The news follows AMP launching its Retirement Health Check service earlier this month, which provides AMP Super members with “simple, intuitive and secure retirement advice”.
The service, which AMP said would be provided with no additional fees, is designed to help members understand when they can access super, how much is enough to retire and an estimate of their income in retirement.
Melinda Howes, AMP group executive superannuation and investments, said the tool would not be the only “digital advice journey” on the horizon.
“We’ve drawn on AMP’s deep understanding of financial advice to create an intuitive, personalised digital experience for our super members,” Howes said.
“The Retirement Health Check – the first of our new advice journeys to come to market – recognises that Australians need help navigating a retirement system they often find daunting and overly complex.”
In October, Colonial First State launched an $88 digital advice tool for CFS FirstChoice members who do not currently have a financial adviser.
The tool, which CFS said was designed by Otivo specifically for CFS members and tailored to CFS products, will give members access to personalised digital advice in relation to their CFS FirstChoice investment options, contribution strategy and insurance arrangements.
The cost of $88 per annum will be deducted from members’ super account, giving them 12 months of unlimited access, after which they will need to renew if they want to continue using the service.
It’s critical to view industry super not as a “public service” or “non-profit” entity but as a dominant financial and political force in Australia, operating under a carefully maintained veneer of member-centric altruism. The real threat to their business isn’t market downturns—it’s competition from professional financial advisers who could help members move their funds elsewhere.
This digital advice may help with some accessibility or affordability for the “missing middle” but the biggest game in town is a much more sophisticated funds retention and outflow management strategy, hidden within the NCA agenda. Industry super funds have long sought to create a New Class of Adviser (NCA)—a controlled advice channel that ensures members never build relationships with independent advisers who might recommend better options outside the fund.
Michelle Levy, who first proposed the NCA, either knew or should have known that this was always the endgame. The rhetoric around “closing the advice gap” is a smokescreen for what is essentially a strategy to lock in members and prevent them from seeking independent financial advice.
Make no mistake—industry super wants to dominate the advice space, and they were banking on Minister Jones to deliver them the tied sales force they so desperately crave. He failed this time, but the uniparty will surely try again with someone more competent. The financial advice profession needs to recognise what’s happening here and push back before industry super completely eats its lunch.
Completely agree Peter.
I think it’s a sham to even call this ‘digital advice’ when it’s no more than a risk profiling and investment mix match tool.
Or a lead generation tool to use the newly appointed ‘NCA’ staff to focus on retention via narrow advice on their products.
“…before being extended to personal advice on contributions, insurance, and pension drawdowns.”
I’d be interested to see if they provide alternative insurance products as part of the personalised advice. I think the answer to that will say it all.