Workplace super could be a source of long-term revenue and referrals as more employees approach their employers for professional financial advice, IOOF says.
IOOF head of employer super, Stephen Black, said research showed that 72 per cent of people who switch super funds seek advice before doing so, with 19 per cent of those seeking that advice from their employer, and "by extension, the financial adviser for that workplace super plan".
Mr Black said this highlighted the value advisers can bring to the financial wellbeing both of employers and employees.
"With over 2.1 million actively trading businesses in Australia, there is a great opportunity for advisers to work in this space if they have the right value proposition and support. Being the adviser attached to a workplace super plan, you become the natural point of contact for all employees seeking advice on more than just their super needs, and when approaching new clients, offering workplace super advice will strengthen your value proposition," he said.
"At the same time, employers save time and money when it comes to the management of their superannuation obligations, while offering their staff a highly valued benefit – financial advice and a flexible super scheme."
IOOF has created a guide for advisers to outline a pathway to success as a workplace super adviser.
Financial adviser Paul Mann, managing director of Moneywise Global, said his partnership with a workplace super provider has allowed him to better service his clients, grow his client and referral base, and create a long-term revenue stream.
"The beauty of the right workplace super fund is that clients receive that advice as a staff benefit. Through my partnership with a workplace super provider, I can offer my clients individual financial advice and then recommend investment options which match their investment objectives and horizon," he said.
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