Duncan McPherson

The ATO has released figures indicating a 30% growth in unclaimed superannuation in the past two years and this trend looks set to continue unless super funds find ways to actively help their members consolidate.

To help address this increasing amount of unclaimed super, Adviser Network has developed SuperFusion Plus, a simple super consolidation tool which helps members to simplify their super in three easy steps. Adviser Network has integrated with the ATO’s SuperMatch 2 service to provide members with details of both their lost and known super accounts.

“Almost 15 million Australians hold superannuation accounts with over 40% of these people having at least two accounts” Duncan McPherson, CEO of Adviser Network said today. “By working with superannuation funds, we have developed a product they can use with their members to consolidate their super and simplify their retirement savings. Adviser Network has a proven track record with super consolidation tools with Super Fusion Plus’s predecessor successfully helping funds’ member consolidate their super for the past three years.”

Super Fusion Plus has been specifically designed to help funds provide an ongoing service to their members recognising that more and more members are utilising the fund’s services and need the flexibility to take action at their convenience. Super Fusion Plus is built with the member journey in mind, recognising the importance of providing a seamless offering.

“Adviser Network believe that superannuation needs to create a rhythm built on making it easy for members to become familiar through increased confidence.” McPherson said. “By working with super funds, we’ve built a series of digital advice and engagement applications like SuperFusion Plus to make it easy for members to take ownership of their future.”

As part of the Lonsec Group, Adviser Network, has a proven track record in developing products which have supported superannuation funds with digital applications from advice to calculators and super consolidation for over six years.

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Duncan McPherson

Thousands of accountants providing advice on the establishment of an SMSF face a potential compliance gap as changes to financial advice regulation come into effect after 30 June this year.

The expiry of the existing exemption means that accountants wishing to continue advising clients on their suitability to set up an SMSF will be required to hold an Australian Financial Services Licence (AFSL) from 1 July 2016. According to Adviser Network, the missing link has been an effective SMSF suitability tool that allows accountants operating under a limited AFSL to provide a compliant, personalised advice solution.

“While there has been extensive discussion on the new licencing framework, little thought has been given to how accounting practices will be able to set up the right business and compliance processes to continue advising their clients on SMSF suitability,” said Adviser Network CEO Duncan McPherson. “When it comes to self-managed super, many investors rely on their accountant as their trusted adviser. So licensed accountants need to be able to provide that advice in a way that is client-centric, compliant, and doesn’t require them to invest heavily in technology simply to advise on suitability.”

Adviser Network adds to accountant advice arsenal

Adviser Network has launched SMSFit, a new cloud-based solution that enables licensed accountants to carry out a preliminary assessment for investors considering a self-managed superannuation fund, as to the suitability of setting up a self-managed superannuation fund.

SMSFit assesses the client’s suitability for an SMSF based on a range of individual factors, from the client’s investment goals and financial situation, to their understanding of performance benchmarking and relevant regulatory issues. SMSFit then generates a limited Statement of Advice (SOA) that reflects the client’s attitude related to the appropriateness of self-managed super.

“SMSFit enables licensed accountants to maintain their role as a trusted partner to their clients,” said McPherson. “The new licensing regime requires accountants to get their head around a multitude of rules, and we want to ensure they have all the tools they need to develop the advice component of their business.

Accountants who have formed strategic relationships with financial planners will be able to continue to refer their clients for rollover and comprehensive financial advice if they decide to proceed with an SMSF, after reviewing the limited advice provided by SMSFit, as to the suitability of a self-managed super fund for the clients.”

SMSFit is licensed by the accountant’s chosen AFSL provider. Registration involves an annual subscription fee of $99 with the cost of producing the results and a limited SOA being charged per limited SOA generation. This allows the licensed accountant to invoice their client based on the cost of the limited advice using SMSFit, along with their own fee, for further financial advice.

“We are absolutely dedicated to providing transparent and non-conflicted outcomes for clients,” said McPherson. “We have put a lot of resources into ensuring that SMSFit is totally objective, and that the advice it provides is based on the requirements of each client. With SMSFit, both the licensed accountant and the client know that the advice is fit for purpose and underpinned by experienced industry practitioners.”

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Adviser Network is a leading non-institutionally aligned provider of financial advice infrastructure, services and technology to the Australian superannuation industry, helping funds more effectively manage member engagement, satisfaction and retention.

In his new role, Mr McPherson will be responsible for continuing the sustainable growth of Adviser Network whilst also looking for new ways to meet the growing advice needs of superannuation members, advisers and consumers.

Mr McPherson has over 20 year experience in the financial services industry. Prior to joining Adviser Network, Mr McPherson spent 12 years with MLC in various roles, including State Manager for MLC Advice Solutions and Head of Licensee Productivity and Development at MLC.

Nathan MacPhee, Director of Adviser Network and Joint CEO of Lonsec Fiscal, said the appointment positions Adviser Network strongly for its next phase of growth.

“Duncan’s expertise lies in his wide ranging experience and capability in the development and implementation of customer led advice models, stakeholder engagement, leadership, as well as strategy and business development.

“His wealth of experience and deep understanding of the financial advice sector makes him well suited for the CEO role and to lead Adviser Network to continued success.”

Mr MacPhee also said this appointment further strengthened the Adviser Network team.

“Adviser Network delivers tailored, efficient and scalable solutions through both an integrated direct and online capability to the Australian Superannuation Industry,” Mr MacPhee said.

“This appointment of Duncan will position Adviser Network to continue delivering high quality services and advice for our clients.”

Launched in 2011, Adviser Network works with a range of clients, including Mine Wealth and Wellbeing, ESSSuper, Intrust Super, Club Plus Super, Mercy Super, Christian Super, Suncorp, HOSTPLUS, NGS Super, QIEC Super, Club Super and AON.

The Lonsec Fiscal group of companies consists of Lonsec Research, Lonsec Stockbroking, SuperRatings, MPF Ratings, SuperSavvy, Adviser Network and Toowards.

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