Brighter Super has announced a new roadmap that will give advisers access to client data and allow them to charge fees directly to their clients’ superannuation accounts.
Namely, the fund is implementing an advice blueprint to enhance its relationship with advisers, which was made possible by its acquisition of the SPSL Master Trust (or Suncorp Super).
With the final transfer of SPSL occurring on 31 May, 30 months earlier than originally planned, Brighter Super can bring the benefits of the transaction to its members earlier, the fund said.
Specifically, alongside the 259,000 members that will be under Brighter Super following the acquisition, 1,200 financial adviser relationships will also be transferred.
Brighter Super’s head of advice, Steven O’Donoghue, said a new adviser portal will be rolled out mid-June, with further developments over 2023 and 2024.
“The portal will provide advisers with access to their Brighter Super clients’ data and, with an additional member authority, advisers will be able to update members’ current and future investment strategies and change pension strategies (payment frequency and amount) through the adviser portal,” Mr O’Donoghue said.
“Advisers will now also be able to request fees be paid from clients’ superannuation funds for advice on the members’ interest in the fund.”
As part of Brighter Super’s initiative, it will provide data feeds to IRESS’ Xplan financial planning software and will support financial advisers with a dedicated business development team.
Brighter Super also clarified that it will still offer its own in-house advice services and expand their availability to all members from June.
Expounding on this, Mr O’Donoghue said members seeking comprehensive financial advice from the fund would also be referred to their listed adviser.
“While we do and will continue to offer in-house advice services, we respect that our members can choose who they use for advice,” he said.
“Our blueprint for advisers is based on prioritising relationships over transactions and helping facilitate member relationships with registered qualified financial advisers. Embracing the independent adviser community is pivotal to achieving that vision.”
In a statement, Brighter Super said the recent changes are in line with the recommendations from the Quality of Advice Review. Specifically, the recommendations suggest that superannuation funds should be able to provide more comprehensive personal advice to their members about their interests in the fund and their transition to retirement.
Australians would be better off if these small funds merged with each other.