Workplace super an avenue for growth

In a note to advisers, IOOF said many in the industry were increasingly looking to workplace super as a possible way to expand their business, saying there were “three key benefits” to doing so – client base growth, additional revenue stream creation and retention of business clients.

IOOF said being attached to a workplace super plan allows advisers to “become the natural point of contact for members beyond their super needs” and subsequently grow their client base, and under the new flat fee-per-member remuneration structure, their business, revenue and referral opportunities will grow with each new company for which they provide super services.

“While these are opportunities for advisers, there is also a need for employees,” the company said.

“More and more employers recognise the impact personal financial stress has on workplace productivity and, according to one study, 68 per cent of employers believe in helping staff make better financial decisions.”

According to a PwC survey, almost a third (28 per cent) of employees believe their personal finances to be a distraction at work, IOOF said, and highly engaged staff “can be expected to deliver around twice the annual net income” of their disengaged peers.

“The genuine staff benefit that financial wellness offers reinforces the value of the advice that can be provided by advisers,” the company said.