With a growing need for super funds to retain members, Financial Synergy says the use of predictive data models can help advisers of retail and industry super funds to better retain clients.
Speaking at a media briefing in Sydney yesterday, Financial Synergy chief executive Stephen Mackley said one of the biggest concerns for a super fund is not knowing when and why a member is going to change fund.
With the analysis of big data able to predict super fund member movements, in-house advisers of both industry and retail super fund providers would be "very keen" on the data to help them understand why members might leave, he said.
"Most of the industry and government funds all seem to be going towards internal financial planning," he said.
"If you look at the [reason why people leave, funds] often don't know why and they're guessing why they are going," Mr Mackley said.
Financial Synergy has integrated the big data analytics capabilities of information management firm OpenText into its Acurity platform.
Doing this, according to Mr Mackley, will allow the platform to analyse member data and predict potential client movement.
"With good predictive analytics you can have more of a view of the characteristics of those people that are leaving," he said.
Mr Mackley added that the more predictive data analytics are available and able to give an indication as to the interactions clients have with their fund, the more super funds will want their advisers to use them.
Financial Synergy's general manager of sales and marketing, Bruce Hassed, added that funds will also be using predictive analytics to make sure their clients are getting the most out of their super, with a view to building loyalty among fund members.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 09:36Aussies say royal commission won’t change their view of adviceBy James Mitchell
- 09:36Hire younger advisers to get younger clients, paper suggestsBy Adrian Flores
- 09:36Synchron launches app for adviser developmentBy Reporter
- 17 Oct 2018Private banking has no place for bad advisersBy Eliot Hastie
- 17 Oct 2018CBA admits failure to tackle conflicted adviceBy James Mitchell
- 16 Oct 2018NAB to address advice issues in $314m payoutBy Eliot Hastie
- view all