UniSuper, the $66 billion super fund for the higher education and research sector, is seeing strong demand for its scaled advice services as younger members increasingly turn to their super fund for financial guidance.
Demand for UniSuper’s scaled advice offer, where an adviser looks at one or two aspects of a member’s finances, is up over 20% year-on-year having gained significant traction as a cost effective and simple way to receive tailored financial advice.
UniSuper, which now has $10 billion of members’ funds under advice, expects the volume of scaled advice appointments to overtake comprehensive advice appointments in 2018.
The uptake is being led by younger members, proving most popular with those in their 40s wanting insight into certain aspects of their financial position to plan for the future.
Comprehensive advice remains popular with members looking for an in-depth financial plan, up 15% year-on-year.
Jack McCartney, UniSuper Executive Manager – Advice and Employer Relationships, said the scaled advice model had encouraged more members to explore financial advice.
“More and more Australians are seeking financial advice and turning to their super fund in the first instance,” Mr McCartney said.
“It’s important to make advice accessible, and available through various channels, for members and their families at all life stages. We have invested in our service model for this reason – opening more financial planning offices and broadening our digital and online support.
UniSuper’s national network of advisers, consisting of over 50 specialists, cover all aspects of wealth creation and financial management – including advice on over 20 superannuation funds, investments, insurance and retirement strategies.