The “highly technical project” from Sunsuper allows registered advisers to access up-to-date superannuation information directly from Iress’ Xplan software.
“At Sunsuper, we know the value of advice and the role external advisers play in driving member outcomes, which is why we invested in working with Iress to activate data feeds,” Sunsuper’s head of advice and retirement, Anne Fuchs, said.
“This project creates an efficient and digital service for advisers to have up-to-date information on their clients – our members – so they can provide them with the financial advice they need for an optimal retirement.
“It has the potential to translate to more Australians saving thousands of dollars a year in fees because their adviser recommended Sunsuper over a retail fund, as more advisers find it easier to work with Sunsuper.”
Fox Wealth Advisory’s Jane Ryan applauded the service, saying it “cuts out a whole section” of the admin process.
“It makes my team work far more productively and that’s important,” Ms Ryan said.
“We now have some really up-to-date information that we can translate into the interactive documents for our clients.”
Nice, except they want a form for everything under the sun, to check SoA’s for fees, proof services have been provided, and restrict fees paid from accounts. It’s probably more efficient to look at other providers.
Have you read the recent letter issued by the regulators requesting trustees to ensure SPT is adhered to and suggesting caps/soa sampling as best practice?? Go ahead and recommend a fund that has poor governance and see where that leads.. Amp, IOOF, aware super to name a few. Or recommend Hub24 cause you get off the shelf pricing due to your dealer group but then what happens to the pricing for the client when you move dealer?
There are array of issues in our industry but strong governance is not one of them.
Bravo Sunsuper, show them how it’s done. Working WITH advisers is in members’ best interests.
Only took an eternity, but of course we’re talking about iress, so inflexibility is just part of the package as are poor data feeds and data quality, as widely known
Great idea. If Adviserlogic and others also have access to those feeds that would be useful.
This is an incredible feat and progressive step forward. The client wins with this enhancement.
Sunsuper you’d be better to have your Advice fees turn off either 60 or 120 days like every other super fund is doing. ..as opposed to the current situation where it automatically switches off 12 months from signing date.. When you add up all the investment costs including the direct and indirect costs of most industry funds they are actually more expensive than the majority of retail super funds.
It’s a bit frustrating but everyone is trying to get up to speed with the changing landscape.
However, When you add up the returns, admin fees and investment fees with some industry funds the proof is the pudding when the client retires. No buy sell spread, no conflict with shareholders and good reputation which tends to allude retail funds in my view. It’s a positive step towards the desired outcome of all funds being open to us to work with them not against us.
Great idea
If all could follow that would be great