Michelle Lusty

Midwinter’s digital advice capabilities have enabled Future Group to deliver more accessible, personalised retirement advice to over 400,000 members, improving outcomes through a seamless and cost-effective digital experience.

In partnership with Midwinter, Future Group is bringing enterprise-grade digital advice technology to its 400,000+ super and insurance members across six brands, rolling out first with Future Super which is now live.

The partnership enables personalised, compliant retirement advice at scale, without the cost and complexity that has traditionally made quality advice inaccessible for everyday Australians.

“We’ve had a collaborative approach from the outset, allowing us to focus on a clear and collective vision: how we guide our members to a sustainable retirement, while also considering their individual circumstances and goals,” said Rosh Singappuli, general manager partnerships and advice at Future Group.

The technology has been deployed to work seamlessly inside the Future Super member app. Member details are pre-populated into the digital journey, and the results are passed back to the app to reduce friction and build member confidence. By enabling digital self-service for straightforward advice needs, Future Super’s adviser team can focus on members with complex requirements, improving both efficiency and service quality.

Phase 1 delivers the Pre-Retirement journey. This enables members, through a complete advice ecosystem, to:

• Access retirement projections based on their personal circumstances 
• Explore wealth accumulation strategies tailored to their goals and risk tolerance
• Receive real-time guidance on contribution strategies to maximise retirement savings
• Adjust investment strategy based on their preferences and risk appetite 
• Self-serve through an intuitive, member-led digital experience
• Receive a Statement of Advice produced in real-time
• Access to the public calculator tool for quick initial engagement

“The approach taken by Future Group moves beyond guidance alone. It provides members with clear, personal advice so they can take real action, not just understand their options,” says Singappuli. 

“The energy and drive from the Future Group team to deliver better retirement outcomes to their members has been inspiring,” says Michelle Lusty, head of Midwinter Advice Products.

“The partnership is a signal to the broader superannuation industry: mid-sized funds don’t have to choose between speed and quality when it comes to delivering advice to members, with agile execution setting a new benchmark for digital engagement in Australian super.”

She says the Future Super implementation highlights key advantages for mid-sized superannuation providers:

• Speed to Market: Agile implementation delivers value in months, not years.
• Cost Efficiency: Modular approach enables funds to start with core capabilities and scale strategically.
• Competitive Differentiation: Enterprise-grade digital advice, typically reserved for large funds, now accessible at mid-market scale.
• Member Retention: Enhanced digital engagement drives member satisfaction and fund loyalty.
• Scalable Platform: Foundation for future phases, and supports growth ambitions and multi-brand strategies.

Future Super was the first super fund in Australia to screen out the fossil fuel industry from its investment strategy. Now it’s the first of Future Group’s brands to give members access to tailored retirement advice through a seamless digital experience.

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Michelle Lusty

Financial services technology provider Bravura Solutions has reported strong growth of its Midwinter digital advice platform as Australian superannuation funds and enterprises improve member access to real-time financial tools and advice.

Future Group is the latest superannuation fund to partner with Bravura with the initial phase of its digital advice rollout now underway. Offering members pre-retirement personal advice tools, and a public-facing calculator the solution is designed to help members better understand their financial position as they approach retirement.

Roshan Singappuli, General Manager, Partnerships and Advice, Future Group: “We’re thrilled to kick off this important initiative with Bravura. It’s a critical step in supporting our members as they approach retirement. The collaboration and shared innovation between our teams so far has been outstanding.”

AIA Financial Wellbeing, a financial advice business launched by AIA Australia in 2021, has also been collaborating with Bravura to build an Industry-First Digital Insurance Needs Analysis Tool. Using Midwinter technology, the Tool will enable AIA Financial Wellbeing to provide a personalised, adviser-led insurance experience for its customers, including a digital fact find and real-time modelling to streamline the advice process for both advisers and clients.

Pina Sciarrone, Chief Retail Insurance and Advice Officer, AIA Financial Wellbeing: “By integrating data with our advice technology, we’re reducing duplication, saving valuable time, and significantly accelerating the path to a completed Statement of Advice. This intuitive solution empowers advisers to help clients better understand and take control of their insurance needs, enabling them to visualise real-time outcomes in a way that builds confidence and clarity.”

Bravura deepens sector-wide adoption of its Midwinter technology for digital advice

These developments combined with undertakings amongst other major Australian superannuation funds deepen the adoption of Midwinter technology and reflects an intensifying race to deliver accessible, scalable, and personalised financial advice. AMP, Aware Super and Rest have all ramped up Midwinter-based initiatives this year to support members with more accessible, real-time financial advice.

Aware Super is further expanding its suite of digital tools following the exceptional results achieved since launching its My Retirement Planner (MRP) in 2023. Since then, more than 132,000 members have accessed the tool, with a total of 300,000 users. Nearly 100,000 Statements of Advice have been generated and 84% report high levels of retirement confidence after using the tool.

Steven Travis, Group Executive, Member Growth, Aware Super: “We’ve seen positive behavioural changes among members. Members using the tools are growing their contributions and are twice as likely to consolidate their super. We’ve also observed a significant reduction in member exits. These results highlight the power of Aware Super’s digital advice offerings in helping our members engage with their super and feel more confident and in control of their retirement outcomes.”

AMP has expanded its digital advice capability with Bravura and is now offering members 24/7 access to personalised investment and contribution advice, lifetime retirement projections as well as automated production of Statements of Advice – all guiding members to confidently make more informed decisions.

Andrea Boss, General Manager – Advice & Member Engagement, AMP: “Since launching on 31January, over 16,000 members have engaged with our digital advice service, driving a 10-fold increase in the number of members seeking retirement guidance. Our collaboration with Bravura via Midwinter Digital Advice is enabling us to deliver tailored advice at scale.”

Rest Super has scaled up its digital advice for its 2 million members. Building on its collaboration with Bravura that dates to 2017, and the success of its Retirement Health Check tool, Rest has continued to uplift its digital advice offering and personal advice capabilities with automatically generated Statements of Advice (SOAs). Rest has made these available through both member self-service and adviser-assisted channels.

Andrew Ford, General Manager, Brand & Member Experience, says: “Digital advice is central to making super simpler for our more than 2 million members. “The right advice at the right time can have a profound impact on our members’ retirement outcomes. Typically, our digital tools are used by our members around 30,000 times per year, making up around 80% of all our advice interactions. We wouldn’t have seen anywhere near this number of members engaging with advice if it wasn’t available online in a simple, convenient way.”

Bravura says accelerated and sector-wide adoption of its Midwinter technology reflects strong and collective progress towards closing the advice gap and improving retirement outcomes for millions of Australians.

Michelle Lusty, Head of Midwinter Advice Products at Bravura Solutions: “We’re witnessing a transformational shift in how Australians access retirement planning advice. By collaborating with forward-thinking funds, we’re helping millions of Australians to engage advice in a way that suits their individual needs, ultimately improving their retirement outcomes while strengthening trust in the system.”

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Paul Dunn

Bravura Solutions, a global leader in financial services technology, has reached a groundbreaking milestone, with over 6 million Australian super fund members having the opportunity to access its market leading advice tools.

Bravura’s milestone affirms its leadership in empowering funds to support members as they navigate retirement and beyond. This achievement reflects the industry’s trust in Bravura’s proven technology, that has supported superannuation administration and financial services in Australia for over 20 years.

Paul Dunn, Chief Executive Officer for APAC at Bravura Solutions, comments: “The momentum behind digital advice technology is accelerating as more super funds embrace proven solutions to deliver guidance and advice to members. While this digital shift underscores a dynamic new chapter for the superannuation sector, the success in enabling better retirement outcomes hinges on delivering personalised advice at scale in a format that members want to engage with.

“We’re at the early stages of the digital advice revolution within super, and funds are naturally cautious and diligent about getting digital advice right. In our experience, they want a trusted partner who deeply understands their business, their members and has a proven ability to implement enterprise programs.”

Bravura is leveraging its proven financial services Midwinter technology for its hybrid advice model to deliver guidance and advice to members and importantly to build a member’s financial confidence through its advice model and tools.

In close collaboration with its clients, which include some of Australia’s largest super funds, Bravura is continuing to invest and innovate its digital advice offerings.

Aware Super, in collaboration with Bravura since 2020, has pioneered digital hybrid Advice solutions with the launch of its My Retirement Planner in 2023. The tool, which helps members set personalised retirement income goals and create action plans to improve their retirement savings, has transformed retirement planning for its 1.2 million members. The fund has successfully achieved over 68,000 Statements of Advice (SOAs) in just 20 months, with over 12% of eligible members aged 45+ actively engaging with the digital advice tool—far surpassing the 2% industry standard.

Rest Super’s collaboration with Bravura, which began in 2017, has proven successful in reaching members who don’t traditionally seek financial advice. In the last three years, Rest’s digital advice tools have been used about 30,000 times per year by members, making up nearly 9 in 10 of all advice interactions in that time. Rest credits digital advice for making the super experience simpler for its more than 2 million members, providing advice at the right time to help them with complex choices so they are better prepared for the future.

AMP Super, Bravura’s latest collaboration, recently launched its Retirement Health Check, an innovative digital advice solution designed to boost financial confidence and guide members to make better decisions about their superannuation and retirement. AMP’s selection of Bravura followed a highly competitive bidding process, reinforcing Bravura’s position as an industry leader in digital financial advice. AMP Super is also set to release a range of other digital advice solutions for its members this year, including investment choice, super contributions, insurance and pension management.

The scale of adoption and the powerful outcomes already being generated from these collaborations, and other projects where Bravura is partnering with major super funds across the super value chain, highlights that regulatory uncertainty is not impeding investment and action in enhancing member services.

Michelle Lusty, Product Manager for Advice at Bravura Solutions, comments: “The super funds we are engaging with have indicated they are moving forward with business cases and execution of their advice strategies.

“It’s not just regulatory pressure that’s driving this trend – there’s real, tangible benefits to both super funds and their members. Bravura’s clients consistently tell us that members who engage with the digital advice tools feel more confident about their retirement.”

Bravura expects the design and delivery of digital advice solutions to remain a top priority for super funds this year and to gather pace as funds focus on service outcomes for their members and meeting their retirement income covenant obligations.

“The ability for operating models to adapt and deliver advice at scale as unprecedented numbers of superannuation members seek guidance and advice regarding their retirement in the next decade is critical for funds and the broader industry to achieve better member outcomes and experiences,” Lusty said.

As superannuation funds continue to evolve their responses to regulatory shifts and member expectations, Bravura Solutions stands at the forefront of this transformation—delivering better technology that not only improves member outcomes but strengthens the broader retirement system.

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In her role, Davie will head up Bravura’s global People & Culture teams, with a focus on ensuring the business continues to strategically, attract, develop, and retain the best talent to support some of the world’s largest financial institutions in wealth, funds administration, pensions, and superannuation as they look to digitally transform and modernise using Bravura’s industry-leading technology.

Andrew Russell, Group CEO and Managing Director, said: “Our people are one of our greatest assets and Gillian is joining at a pivotal time for the organisation as we further look to embed a client and product-centric culture across our 1,300 employees spread across 15 offices globally. Having worked broadly across the technology and financial services sectors both domestically and internationally, I’m confident Gillian will bring a fresh perspective to evolve our People & Culture strategy to deliver for our clients, and drive growth for our organisation.”

 Gillian joins Bravura as a highly (ASX) experienced HR leader and was selected by Human Resources Director Australia as part of the 2023 HR Global 100 leaders to know and 2024 The Best HR Executives in Australia – HR Hotlist. Most recently, Gillian’s work has included rebuilding the brand and culture for AMP Group.

Davie will be based in Sydney and report directly to Andrew Russell, Group CEO and Managing Director.

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Paul Dunn and Chris Spencer will take up their new roles as CEOs of APAC and EMEA business units, respectively, with immediate effect. Both will be responsible for the end-to-end financial management and operational delivery for their regions, with a focus on driving growth and improving client outcomes. Chris and Paul will report into Group CEO and Managing Director, Andrew Russell.

Andrew Russell, Group CEO and Managing Director, Bravura, said: “This is a crucial step in the evolution of Bravura, helping us further streamline our business and form ever closer relationships with our clients.

“Since joining the business earlier this year, I’ve been hugely impressed with the impact Chris and Paul have made in their regions and both will play important roles in aligning our organisation with our markets, products and clients moving forward. Our new structure will set ourselves up for future success and ultimately ensure we continue to provide a suite of industry-leading solutions throughout the wealth value chain to help our clients unlock value, create scale and achieve operational efficiency gains.”

In addition, Bravura has named Chris Biddick as Managing Director, Transfer Agency. In his role, Chris Biddick will report into Chris Spencer, CEO, EMEA, and be responsible for growing the business with current clients and prospects.

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In his role, Johnson will lead Bravura’s global product team, working to unify and simplify Bravura’s expansive suite of products throughout the wealth value chain, with a focus on creating repeatable, scalable and easily integrated solutions. This will include Johnson collaborating closely with clients throughout the world to develop and streamline technology and business processes to improve efficiency and enhance customer experience through digital delivery.

Bravura has deep industry expertise in wealth management, UK pensions, Australian superannuation, and funds administration technologies with more than $5tr USD in funds under administration^[1] (FUA) on its systems.

The appointment of a global Head of Product and centralised product management team is a crucial step in Bravura’s journey to become a product-centric organisation, unifying its global resources and creating a clear roadmap for product innovation, said Andrew Russell, Bravura Group’s Chief Executive Officer.

Russell said: “With extensive financial services experience, Greg will be a great addition to the team and will work closely with our global customers to better understand their pain points and how Bravura products can better meet their strategic goals in the wealth management and funds administration space. Our clients are looking to us to help them drive down costs, reduce complexity and increase efficiencies and I’m confident that Greg will help us achieve these aims in a way that resonates with clients and helps increase our footprint in key markets across the globe.”

Johnson said: “Bravura has an expansive reach and scale across its suite of solutions and a huge opportunity to build on its rich history and capability to help our clients become more efficient, streamlined and ultimately more profitable. I’m looking forward to working with clients on our product innovation plans and helping them innovate in some of the most tightly regulated industries in the global markets in which we operate.”

Johnson joins Bravura with deep technology, product and wider industry expertise after holding senior roles at AMP, TAL Limited and Nano Digital Home Loans, where he was most recently B2B Group Executive. Before that, he was General Manager at Challenger Limited, and was responsible for the company’s underlying growth strategy in the annuities and life business units, which included its group portfolio and mergers and acquisitions strategy.

———-

[1] Figure based on Bravura’s internal reporting. Correct as of June 2023.

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Mr Russell has been Interim CEO since 19 June 2023 while the Board undertook a global external executive search for a permanent CEO.

Bravura Chairman Matthew Quinn said “We are very pleased that Andrew has agreed to become CEO of Bravura. Following an extensive search process, it is clear to the board that Andrew is the best candidate for the role and he has already demonstrated great leadership whilst acting as Interim CEO. We are confident that Bravura has a very bright future with Andrew as CEO.”

Bravura CEO Andrew Russell said “It’s an honour to be appointed CEO. Bravura has very strong foundations as a leading technology business and we can now build on this, put the recent disruption and uncertainty behind us and focus all our energy on delivering great service to our customers and rebuilding value for our shareholders.”

Mr Russell has 20 years of experience in the finance and technology industries. Formerly CEO and Managing Director of ASX-listed SaaS technology firm, Class Limited (Class, formerly ASX – CL1), he led the business through a change strategy which included acquiring and integrating four companies in less than two years. Prior to that, Andrew was founding Executive Director and Executive General Manager, Financial Services, REA Group.

He replaces Libby Roy who stepped down as CEO and Managing Director on 19 June 2023.

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Libby Roy

Libby Roy, currently non-executive director of Bravura, has over 20 years leading global financial services and technology companies and joins from Optus Business in Australia where she was their Managing Director. She has also held several senior executive positions with AMP and AXA, was Managing Director of PayPal in ANZ, and held senior global roles with American Express. Based in Australia, Libby will spend a large amount of time working in the UK and other regions that Bravura serves.

Bravura Chairman Neil Broekhuizen said “I have every confidence that Libby will champion the needs of clients, employees and shareholders into the future. I am delighted that Libby has agreed to become our next CEO, having experienced her talent and contribution first-hand, I am sure she will contribute significantly to Bravura’s development, both internally and externally.”

Peter Mann, former CEO of Skandia and long-standing non-executive Director of Bravura will be the interim CEO until 22 August. Post this Peter will take on the role as Chairman for EMEA (Europe, Middle East, Africa) to bring additional support and focus to Bravura’s growth plans in the region.

In accepting the appointment for Chief Executive Officer from August 22^nd, Libby Roy says “I would like to thank the outgoing CEO, Nick Parsons, for the work he has done in building the executive team and his contribution during his many years with Bravura. I am looking forward to using my experience to harness the tremendous opportunities Bravura has in its existing markets and globally. Bravura has been experiencing a transition in its markets and has been developing its offering accordingly. I am very excited to have been given the opportunity to capitalise on this.”

Peter Mann, interim Chief Executive Officer and new Chairman for EMEA said, “During my time as non-executive director, I’ve seen Bravura grow into a highly regarded and deeply trusted partner to some of the world’s most important financial institutions and I wish to help to continue this growth.”

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Reflecting Bravura’s expanding investment and commitment to the region, the role will focus on scaling the APAC business across the full ecosystem of products and services, including Sonata Alta – Bravura’s new automated BPaaS operating model – together with its enterprise Midwinter Digital Advice solutions. The role will also focus on accelerating existing and new opportunities in the rapidly changing market.

Commenting on his appointment, Paul Dunn, APAC Managing Director said: “It’s a transformational time in the APAC market. We are seeing accelerating demand for our product suite, particularly our Sonata Alta and Digital Advice propositions. Our private wealth, portfolio administration and microservices solutions further extend our wealth management offering, ensuring Bravura is well positioned to support and respond to local market needs. This investment into the extension of our product suite really demonstrates our commitment to broadening our footprint in the region.”

Dunn further adds: “It is an exciting time to take on this leadership role and a great privilege to be leading a first-rate team of experts. Our people are the backbone of our business, and a key driver of our continued growth and success to date.”

Bravura’s Chief Executive Officer, Nick Parsons said: “This regional appointment will strengthen our ability to meet the increasing demand for Bravura’s ecosystem of products within APAC. Paul’s role will help to ensure the successful delivery of our solutions at a localised level, providing regional autonomy and control to ensure local market alignment. It forms part of a wider strategy to deliver exceptional customer experiences and extend our market-leading position within the region.”

Mr Dunn is a member of Bravura’s leadership team, reporting to Bravura CEO Nick Parsons.

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Nick Parsons

Bravura Solutions Limited (Bravura) has announced the appointment of Nick Parsons as the company’s new Chief Executive Officer, with Tony Klim stepping down, effective 3 September 2021. Mr Parsons joined Bravura as its Chief Technology Officer in 2007, undertaking a range of senior leadership roles in the business including Business Development Director, before moving into the Global Chief Operating Officer role in 2020.

Departing Chief Executive Officer Tony Klim said, “It has been a great honour for me to serve Bravura over the past 13 years, including 10 years as CEO. During my tenure, Bravura has grown into a highly regarded and deeply trusted partner to some of the world’s most important financial institutions. I am immensely proud of what our company has become. I have no doubt that Bravura’s future remains very bright.”

“I am also pleased to announce that the Bravura Board of Directors has appointed Nick Parsons to the position of Chief Executive Officer. Given his deep industry expertise, outstanding client relationships and experience with Bravura, I have every confidence that Nick will champion the needs of clients, employees and shareholders into the future,” Mr Klim said.

Based in London, Mr Parsons has over 30 years of experience in the IT industry specialising in financial sector solutions. Prior to joining Bravura Solutions, Mr Parsons was the Chief Technology Officer for DST Global Solutions, where he was responsible for driving innovation and implementing complex global projects.

In accepting the appointment, Nick Parsons said, “It is an honour to succeed Tony as CEO, it has been a real pleasure working with him. Under Tony’s outstanding leadership Bravura has enjoyed excellent growth, entering new markets and bringing new products on stream. Bravura is strategically well-positioned for the future, and I look forward to working together with my management team and colleagues globally to deliver exceptional results for our clients and our shareholders.”

Parsons continued: “We are witnessing considerable change in our core markets across the value chain. Whether it be the shift to vertical integration and increasing distribution accessibility in the UK, or the thrust to automate rather than outsource as in Australia and New Zealand, Bravura is well positioned to provide solutions.

“Our clients are looking to deliver greater value to their customers through digital offerings, speed to market and cost reduction – we deliver this through our expertise in innovative technologies such as artificial intelligence, microservices and cloud.

“I am delighted to be leading Bravura through its next phase of growth in this dynamic global market environment.

Megan Owen will be taking over the role of Global Chief Operating Officer. Ms Owen joined Bravura Solutions as Chief Operating Officer, EMEA and has over 25 years’ experience in the IT industry. Prior to joining Bravura Solutions, Ms. Owen worked for 17 years in Capgemini as a Programme Director, then as Head of Digital Consulting at Dell EMC and more recently as Managing Director at Sopra Steria.

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