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MTAA Super flags limited advice demand

Industry fund MTAA Super has launched a new free ‘limited’ advice service for members, indicating a trend away from holistic advice.

Describing the new service as “limited personal advice”, MTAA Super chief executive Leeanne Turner told ifa it is an opportunity to provide financial advice to members without “examining their whole financial situation”.

“We identified a gap in our advice service – we’ve always offered general and comprehensive but we identified that the advice needs of our members had changed.

“Members were calling for single-issue advice such as insurance or salary contributions; they wanted meaningful answers to these questions. We still do offer comprehensive advice on a comprehensive basis but demand for that is at the retirement planning stage.”

Ms Turner said the industry fund will continue to provide “comprehensive advice” but that it does expect members to “have to go pay for holistic advice”.

She also hinted at a new free online service aimed at engaging members more closely in their superannuation.