The financial services technology firm has officially launched its digital advice and education solution to help the superannuation industry service the 11.8 million Australians who have unmet advice needs.
The official launch follows an announcement from Hostplus and Industry Fund Services (IFS) last week, confirming they would use Iress’ new education-led digital tool called SuperSmart – a new “one-stop shop” for members looking for advice or to boost their super knowledge.
Iress’ solution is designed to enhance the advice already provided by super funds and other industry firms by enabling them to tailor their digital advice offering based on their current advice models and member needs, with options ranging from “out of the box” solutions to fully bespoke design and build API services that enable full control of the member experience.
The solution allows funds to both deliver personalised digital advice and financial education based on member demographics and preference data, as well as enabling members with simple advice needs access to self-guided and affordable financial planning tools.
Kelli Willmer, Iress’ executive general manager for wealth, said the firm recognised the significant imbalance between consumer demand for advice and the supply of advisers.
“There are millions of Australians with unmet advice needs, exacerbated by the decline in adviser numbers over recent years. Clearly, there’s both a need and an opportunity for superannuation funds and other industry players to step into this challenge by leveraging technology and data to cater to the millions of Australians with simpler advice needs or a desire for a more self-service approach,” she said.
“We are continuing to build on our leading suite of advice tools to support the industry to bring more advice to more Australians. We’re also looking at how we can use emerging technologies to continually increase the efficiency, scalability and personalisation of advice.”
In June 2023, when the government issued its formal response to the Quality of Advice Review, it was confirmed that super funds would be able to provide limited advice to members as a way to improve the accessibility of advice.
In order to populate these advisers, the final tranche of the Delivering Better Financial Outcomes reforms announced last December introduced a new classification called “qualified advisers” – employees of licensed financial institutions who are restricted to providing simple advice.
It’d be nice if Iress could implement some modernisation to xplan. The software hasn’t had any significant change in 15 years. The modelling tools are horrible to use and are not visually appealing enough to use in front of clients. The client portal and online fact finding is too clunky to bother with, might as well just use an editable PDF. They keep jacking up the cost of the software without any meaningful improvements….that’s what happens when you have a monopoly I guess.
Maybe Iress should focus on developing their own XPlan software and making it more efficient to provide Financial Advice. The software is full of bugs at a premium price
DBFO Tranche 2 hasn’t even been written yet, why would IFS and Iress roll this out and have spent so much money prior to any actual legislation? This looks like a smoking gun that Jones has colluded with Industry Funds and know what they are going to legislate. Ignoring and refusing to print the formal submissions from the Profession makes a lot of sense in the context of this announcement and makes a mockery of professional consultation. Disgusting and harmful to Australians, vertical integration is NOT the answer – just look at the Dixon CSOLR Fiasco. You’ve proven incapable of effecting or being interested in making impartial professional advice affordable for Australians Stephen Jones, just stop causing more and more harm and go away.
Or maybe what they’re doing is based on current rules so they don’t need to wait for DBFO tranche 2? Some have been doing this for years since before DBFO was even a thing.