Bendigo Wealth gains approval to distribute MySuper products.

Sandhurst Trustees, which forms part of Bendigo Wealth, has been granted authorisation by the Australian Prudential Regulation Authority (APRA) to issue a MySuper product under the new regime implemented by the Australian Government.

From 1 January 2014, if a person has not chosen a super fund, their employer must pay their compulsory superannuation into a MySuper product.

Fast Facts about Bendigo MySuper:

• Bendigo MySuper will be the default investment within Bendigo SmartStart Super®, a fund that has been well-received in the market and has performed well relative to its peers.
• Bendigo MySuper fees will be the same as Bendigo SmartStart Super fees.
• Insurance cover will be provided on an opt-out basis by TAL Life Limited.

The investment strategy is a lifecycle strategy comprising three age bands:

• Bendigo Growth Index Fund – under age 55
• Bendigo Balanced Index Fund – age 55 to 59
• Bendigo Conservative Index Fund – age 60 and over

John Billington, Executive, Bendigo Wealth said: “We have been extremely pleased with the performance of Bendigo SmartStart Super and have in fact already been receiving enquiries about our MySuper product”.

“This is great recognition for Bendigo Wealth and we are very pleased to be one of the first retail fund providers to receive a MySuper authorisation”.

“Younger Australians and Gen Y’s in particular often don’t comprehend that their superannuation is going to be one of the most sizeable assets that they will ever have.

“We are firmly of the belief that our MySuper offering is well suited to those who are not yet ready to engage with their superannuation.  When they do start to take an interest, we are confident that we will have the solution for them, whether it is a low cost, limited choice or a fully advised option,” Mr Billington concluded.

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Those relying on income from investments such as term deposits and savings accounts are faced with increasing bills for energy and fuel and may be in less of a position to afford a holiday or to assist with a grandchild’s education.  Such a situation may see them casting around for a more acceptable return – and protection against inflation.
 
Bendigo Wealth was launched in April 2011 and brought several parts of the business together under the one umbrella – including Sandhurst Trustees which was founded 125 years ago this year. 
 
To celebrate our second birthday, Bendigo Wealth is launching the Sandhurst Strategic Income Fund (Income Fund) to add to the growing range of products and services – particularly managed funds and superannuation – that have been winning recognition and critical acclaim. 

The Income Fund joins other product launches since Bendigo Wealth’s inauguration, namely, Bendigo SmartStart Super® and the Bendigo managed wholesale fund product suite (comprising 10 managed funds).
 
Alexandra Tullio, Head of Wealth Markets said: “Bendigo Wealth is increasingly recognised for our funds management capability, particularly by independent financial advisers. Over-the-counter enquiries in the short time since the official launch have also been on the rise.
 
“We recognise that there are many Bendigo customers especially those approaching or already in retirement with existing term deposits who are looking for regular income and good returns.  They’re looking for that happy medium with an experienced funds manager.
 
“Understandably, these customers are risk averse. They’re not considering bonds, and term deposit returns are lower than they’d like – but they’re not yet ready to venture back into the equities market either. 
 
 “We’ve used our years of wealth management experience to build the Income Fund as a stepping stone between investment classes such as bonds, term deposits and equities. We’re saying that the Income Fund is well qualified to be in that sweet spot as a customer’s first and perhaps logical alternative to a term deposit”,  Ms Tullio concluded
 
Paul Rohan, Head of Sandhurst Trustees added “Sandhurst’s income fund is a low risk investment with quarterly income distributions. But unlike a term deposit funds can be accessed weekly without penalty and there’s no need for rollovers. Best of all in the 12 months to April 2013, the Sandhurst Income Fund (Class A units) returned 6.49%* net of fees and costs – and that’s higher than most term deposits over the same period.
 
“To those investors who may not have considered Bendigo for our wealth management capability, we’re saying perhaps you should come and have a look at our product range. A particular feather in our cap is that we were one of just a handful of Australian fund managers who didn’t freeze redemptions in our mortgage funds during the GFC”, Mr Rohan concluded.

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The SuperAstute offering is essentially a ‘one-stop-shop’ that can take care of every aspect of running a start-up or an existing SMSF.   SuperAstute can take care of establishing the trust deed and linked bank accounts, monitoring investments, monitoring contribution limits and end of year audit and tax return requirements.  

Bendigo Wealth has also partnered with TAL to provide SuperAstute trustees with access to TAL’s award winning Accelerated Protection life insurance product range.  

Diego Del Rosso, Bendigo and Adelaide Bank’s Senior Manager Strategic Partners & Wholesale, said “A growing number of Australians find the control they can have in running their own SMSF very appealing, but being a trustee is an important role with quite onerous responsibilities. It’s not for the time-poor or faint-hearted, so SuperAstute is there to make a trustee’s role easier. 

“Everything is there within SuperAstute to provide trustees with everything they need to set up, administer, invest, audit and keep their SMSF compliant.  It reduces complexity, it’s transparent and it gives trustees greater control and online functionality,” Mr Del Rosso said. 

Julie McKay, Senior Manager Technical & Research, Bendigo Wealth said “SuperAstute is an affordable, end-to-end solution for SMSF trustees and their advisers that utilises cutting edge technology capable of providing an up-to-date overview of their fund.  

“Bendigo Wealth has a number of existing products being utilised by people running SMSF’s and SuperAstute neatly consolidates the existing offerings in the one place.  SuperAstute also provides a convenient dashboard which allows trustees to manage a range of investments and assists with compliance to keep their chosen investment strategy on track.” 

“For trustees using a financial planner or an accountant to help them run their SMSF, managing the associated work flow is made easier with the ability to set up alerts that are triggered by either physical events or a nominated point in time to help keep the fund on track.” 

“The traditional role of accountants and financial planners is shifting from the ‘once-a-year’ evaluation to a more comprehensive administration and advice solution.  SuperAstute makes life easier for the trustee and their financial planner or accountant while containing administration costs,” Ms McKay said.  

Brett Clark, CEO, Retail Life at TAL said “SuperAstute gives trustees and advisers access to TAL’s award winning Accelerated Protection life insurance product range within a best-of-breed online SMSF administration service, providing customers with comprehensive cover and premiums deducted directly from their SMSF. ” 

“Bendigo and Adelaide Bank is a very important business partner for TAL. We share a similar passion for serving our customers and community that goes beyond just the products we provide.  It is a partnership we really value.”, Mr Clark said.”

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The new offering will help make advice far more accessible to the wider public, in particular, the four out of five Australians who have never previously sought financial advice. 

The process has been driven by demand for low cost financial advice, as confirmed by the uptake of Bendigo and Adelaide Bank’s new low cost Super offering, SmartStart Super.  

The initiative now gives the Bank the ability to offer advice on a larger scale.  Branch-based planners are currently restricted in the number of clients they can see due to greater demand and a steadily growing branch network. 

Bendigo Wealth has utilised Provisio’s technology to make the delivery of financial advice more efficient, dramatically reducing the cost for consumers and making life easier for financial planners. 

“Australians want advice, they say they need advice, but until now, there has been a real gap between what people say they need, and what they are prepared to pay for.  We’re determined to close the advice gap,” said Head of Wealth Markets at Bendigo Wealth, Alexandra Tullio.  

“There is a growing trend seen across sectors, where face-to-face customer service is being complemented by readily accessible, consumer-driven online sales catering to a 24/7 market.  

“The phone-based advice component is part of a tiered advice model that will meet a greater range of consumer advice needs. Just as high-speed internet is revolutionising tele-medicine, Provisio is helping us revolutionise the delivery of financial advice. 

“Whether our customers prefer to contact us over the phone, or face to face, we can support and assist them”, Ms Tullio said. 

“Bendigo Wealth has built a solution that will make financial advice accessible to many more Australians, and more importantly, will allow customers to access advice in a way that suits their personal circumstances, regardless of their working hours or whether they require ‘piece by piece’ or full advice. 

“We recognise that FoFA and MySuper have their challenges, but we are determined to ensure the best outcome for consumers at the end of the legislative process, currently being driven by Bill Shorten, Minister for Financial Services and Superannuation.

“There is significant interest in our low-cost product, SmartStart SuperTM , demonstrated by high call volumes, as well as customers walking into branches and asking for the product, so we’re making it easier for people to apply and speak with a consultant.  

“Financial advice can now be provided in just 20 minutes, compared with the traditional model which can take days.  This technology gives Bendigo Wealth the ability to offer advice on a larger scale at a time when branch-based planners are restricted in the number of clients they can physically see.  In short, it’s a win-win for planners and their clients,” Ms Tullio concluded.

Fast Facts for planners: 

• Low cost solution to existing clients in a market that has significant margin squeeze.
• Ability to service C and D clients for retention and provide additional revenue stream.
• Helps advisers to increase the value of their business by better understanding the type of clients they may have.
• Advisers are keen to learn about solutions and products that will enable them to engage new and existing customers in a cost effective manner while still being able to generate revenue.
• Bendigo Wealth’s solution addresses key FoFA issues such as accessibility and will work to make advice far easier to obtain while helping independent and Bendigo Financial Planners meet the challenge of FOFA reforms.    
• FoFA and the overall regulatory environment have forced the industry to think again about how to offer advice in the future and how they service the ‘tail-end’ of their businesses.
• Provides low cost, low margin solutions to the IFA market: scaled advice and low cost super.
• Enables advisers to clean up their business and potentially get ready for sale or succession.
• Provides cross-sell opportunity for advisers.
• Provides the ability to offer pro bono or low cost work to younger or clients just starting out on the investment journey, in an environment which makes it more and more difficult to service low balance customers.
• Low cost, scaled advice capability.

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Bendigo Wealth, the wealth management division of Bendigo and Adelaide Bank, is backed by the heritage and strength of over 150 years of banking, investment and lending expertise.

SmartStart Super features a full suite of low cost (0.39 to 0.99bp) index and actively managed funds – including brand new age-based default funds designed to meet a client’s life stage, investment preference, risk profile and preferred contribution methods.

Bendigo Wealth has partnered with TAL Life Ltd to provide a generous and highly competitive goup life insurance cover as part of the SmartStart Super offering.

Head of Sandhurst Trustees, Paul Rohan said,“Sandhurst Trustees, one of the oldest and most experienced parts of the Bendigo business has developed a new, affordable and easy to understand superannuation product flexible enough to suit most Australians.”

“We designed and built SmartStart Super as part of our ongoing commitment across the Bendigo and Adelaide Bank group to provide solutions, however our customers choose to engage with us.”

“Customers can expect our traditional hassle-free service, ease of understanding, fast turnaround times and the flexibility they need to help them achieve their retirement savings goals”. Mr Rohan concluded.

Alexandra Tullio, Head of Wealth markets said, “We understand that everyone is different and that super can be seen as complex and confronting, so Bendigo Wealth is offering a superannuation recipe for retirement that makes it easy for people to keep it low cost and simple.”

The SmartStart Super offering ranges from the plain and simple ‘set and forget’ default approach to a full suite of either actively managed or indexed diversified funds – or indeed a mix of both, meaning investors can take a core satellite approach.

The core satellite is effectively the ‘buffet’, where people who really want to take control of their retirement savings can determine how they choose, build and personalise their own super plan – according to their needs and investment convictions.

This flexibility includes brand new age-based default funds designed to meet a client’s life stage, risk profile and preferred contribution methods, along with a range of online services. The underlying managed funds in SmartStart Super offer low management fees ranging from just 0.39% to 0.99% p.a. What’s more, the administration fee for SmartStart Super is only $98 p.a.

“All the funds have specialist managers managing the investments and SmartStart offers generous and highly competitive group life insurance cover. We believe this is a particularly attractive feature, given that only around 5% of Australian families with dependent children have the recommended level of risk protection cover,” said Tullio.

“SmartStart Super is well suited to younger people starting out in their careers. The product is expected to be ideal for investors ranging from 20 to 50 years of age who are looking to consolidate funds and kickstart their retirement savings.”

“SmartStart Super is low cost but high customer support – and we’ll continue to make sure that fees and charges are kept to an absolute bare minimum”, concluded Ms Tullio.

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Head of Wealth Markets at Bendigo Wealth, Alexandra Tullio said, “Diego, Josh and Christine’s appointments complete the realignment of the distribution team.  As senior members of the team they will have a high level of input around our distribution strategy, and bring an enormous amount of experience and expertise to the group, together with an in-depth understanding of the IFA market”

Diego Del Rosso 
Diego Del Rosso is Senior Manager, Strategic Partners & Alliances. He brings more than 17 years relevant financial services experience covering areas of finance, insurance, funds management and superannuation. Diego Joins Bendigo and Adelaide Bank from OnePath Australia where he was the National Sales Manager – Employer Superannuation. Diego began his career with Advance Bank and has held various sales and business development roles with Heine Funds Management, Citibank, Tower Australia and Asgard Wealth Management.

Joshua Parisotto 
Joshua Parisotto is Senior Manager, Business Partner Services.  He brings more than 12 years financial services experience to the Independent Financial Advisers, National Licensees, Dealer to Dealer services and Private Practice. Joshua joins Bendigo and Adelaide Bank from IOOF where he was the National Adviser Service Manager for Independent Financial Advisers and Licensees. Joshua began his career as a Para planner with AMP and has held various Dealership roles including, Compliance, Para planning, Practice Management and Financial Advising, with Westpac, AXA, and RACV Financial Services

Christine Koh 
Christine Koh is Senior Manager for Business & Partner Delivery team. Christine has worked in a number of key customer and partner focused roles during her last 7 years with Bendigo & Adelaide Bank delivering on our premium service model.  Christine was previously managing the Sydney Client Service Team having after having led the Customer Experience effort for the Macquarie Integration project.

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