Professor Deborah Ralston

The pre-eminent retirement incomes research organisation, the CSIRO-Monash University Superannuation Cluster, has secured another significant private sector backer with the decision by ANZ Wealth to join its ranks.

ANZ Wealth will join five other organisations as the key supporters of the $9 million research project that brings together academics from four universities, Monash, Warwick, Griffith and Western Australia, as well as the CSIRO, to examine the challenges facing the Australia’s retirement system.

The other five organisations are BT, Cbus, Mercer, Vanguard and Challenger, which, together Treasury, the ATO, the ABS, ASFA, National Seniors and AIST, form the Cluster’s Steering Committee with eminent researcher, Professor Hazel Bateman from the University of NSW. The Australian Centre for Financial Studies (ACFS), which promotes thought leadership in the financial services sector, leads the project for Monash University.

Patrick Clarke, Head of Direct Super and Investments at ANZ Wealth, said it was a privilege to be involved with the CSIRO-Monash University Superannuation Cluster.

“Over the past 18 months the work done by CSIRO and Monash in examining the dynamics and inter-relationships between superannuation and the wider economy, as well as the transition and retirement phase of Australians over 60, has been first class.

“We believe it’s critical that this research continues so that both the public and private sectors can base their decision–making on hard data in the vital area of superannuation.”

Dr Sarah Dods, CSIRO’s Research Director, Digital Economy, Digital Productivity and Services Flagship, said it was a tribute to the research done by the Cluster that such a significant player in the wealth management sector had decided to come on-board.

“We believe the research we have been conducting in areas such as ways to improve the participation of older workers is critical if we are to get the superannuation policy settings right, and for an organisation of the reputation of ANZ Wealth to give its support further endorses the value of our work.”

ACFS Executive Director, Professor Deborah Ralston, said the sheer size of the superannuation pool, at $1.8 trillion, posed important policy issues that the Cluster had been addressing.

“In the past, much of the research focus has been on asset allocation and the accumulation phase. But much less focus has been given to the post retirement phase and Australians over 60; a better retirement system is broader than superannuation, including pensions and private savings.

“What is critically needed for better policy and product development in post-retirement is a research evidence base.

“Funding for better health and welfare, accommodation and transport, they all have a bearing on the quality of the life enjoyed by older Australians and are important issues that demand a policy response, so the fact ANZ Wealth is giving its support to the Cluster is testimony we have the right focus and are adding to the pool of knowledge around retirement incomes policy.”

–END–

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Brad Cooper

BT and the School for Social Entrepreneurs have  launched a new program to support Australia’s emerging social entrepreneurs.

The SSE & BT Social Entrepreneur Incubator is an annual learning program for up to 25 students who have an idea for a start-up venture with a lasting community benefit.

BT, one of Australia’s most respected and innovative financial institutions, will provide financial support to the Incubator as well as business expertise and mentoring from employees to students on the program.

School for Social Entrepreneurs Australia chief executive, Celia Hodson, said: “The Incubator program will prepare our students for the best start to their entrepreneurial journey by tapping into the business expertise of BT as well as giving them the confidence and networks to make a real difference in their communities.”

BT Financial Group chief executive, Brad Cooper, said: “We are very excited to provide support directly to entrepreneurs – to prepare them to launch social initiatives that deliver positive social change. It aligns perfectly with our vision to help people prepare for their best financial future. “Our funding will provide the opportunity for 25 students to participate in this program.”

Previous School for Social Entrepreneurs students have included Jamie Moore, the creator of Hello Sunday Morning, which tackles binge drinking culture in young people, and Michael Combs, founder of Career Trackers which works with private sector companies and Indigenous university students to create career pathways through internship programs across Australia.

Applications open on 7 April 2014 for interested students and mentors. Application information can be found at: www.sse.org.au

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Screenshot from the new BT Wrap App.

BT has released a new iPad app – BT Wrap Snapshot – to give advisers mobile access to popular client reports.

BT Financial Group’s head of platforms Kelly Power said the BT Wrap Snapshot was twelve months in the making and a companion tool to the BT Wrap DeskTop.

“Advisers want new ways to demonstrate more value to their clients and to eliminate paperwork. BT Wrap Snapshot has been designed to meet these needs,” Ms Power said.

“The release of BT Wrap Snapshot is part of our continued focus on making it easier for advisers to help their clients,” Ms Power added.

The app will give advisers access to the three most popular reports: portfolio valuation, asset allocation and cash statement.

BT Wrap Snapshot eliminates the need to print multiple reports for client reviews and provides easy to interpret, intuitive reporting at advisers’ fingertips.

The app can be personalised with individual practices and dealer group logos and is complimentary for registered Wrap DeskTop advisers.

Advisers who have trialled the new app have said this will be an important tool to use in the client review process. One of the best features is the ability to easily show clients their entire portfolio position and then be able to explore this in more detail on the spot.

The main features of BT Wrap Snapshot app are:
· 3 reports: Performance, Asset Allocation and Cash Statement
· 3 levels of information: Portfolio Value, Sector Investments and Asset Allocation
· The ability to personalise with individual company or dealer group branding
· Access to up to 5 years worth of data
· Note taking functionality
· Ability to send secure email
· Ability to view information over different time periods

BT Wrap Snapshot is now available in the iPad app store library.

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In December the Government passed a new law requiring superannuation funds to send such balances to the ATO by 31 May.
 
BT Financial Group General Manager of Superannuation, Deanne Stewart, said the new law was positive because it protected the erosion of smaller balances, which would otherwise be subject to insurance and administration costs.
 
“Our research shows that few Australians will retire with adequate retirement funds. An Australian on the average wage of $72,400 will only replace half of their income in their retirement – well short of the Government’s recommended 70%.
 
“Australians will need every dollar of their superannuation to be working for them in the lead up to and during retirement.
 
“There are a number of simple steps Australians can take to increase their superannuation balances starting with finding their lost super and consolidating their funds to potentially avoid duplicating fees.”

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“Since the launch of Wrap Capital Protection we have seen broad interest from advisers, including requests for additional funds to be available for protection. We’ve met that demand by adding over 60 widely supported funds to create a comprehensive and market-leading protectable menu,” said Rodney Greenhalgh, head of retirement at BT Financial Group.

Wrap Capital Protection is a solution with particular relevance for those approaching and already in retirement as it helps preserve capital when markets fall but provides opportunity for growth on the upside.
 
Recent performance has demonstrated how Wrap Capital Protection allows investors to increase their minimum outcome in rising markets.
 
“Equity markets have performed strongly since we launched Wrap Capital Protection and many of the early users took the opportunity to restructure their portfolios to their preferred growth allocation and they have benefited from this strong performance. 
 
At the time of the first growth capture in February the average growth achieved by investors in the protected funds was 9.1% and an average increase in minimum outcome of 5.0%, and those who had held the product from inception generally achieved much higher growth” Mr Greenhalgh added.
 
Advisers like the fact that they have a new tool to meet the needs of their clients who are particularly concerned about the impact that very poor markets may have on their savings, which is a common concern for investors around retirement.
 
Wrap Capital Protection is available today on BT’s Wrap, Wrap Essentials, SuperWrap and SuperWrap Essentials platforms. It provides transparent reporting and simple desktop activation.

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BT General Manager of Superannuation, Deanne Stewart, said Australians have an average of 2.4 superannuation accounts each and $17 billion in lost super.

“Australians with more than one superannuation account may be paying fees they don’t need to pay. Many Australians have five or six accounts each and over the course of their working life they can pay tens of thousands in unnecessary fees.

“What our new online application does is makes it easy for Australians to find superannuation they may have lost. Many Australians are put off sorting out their super because of complicated paperwork or they just don’t know where it is. We have not only made it easy, it only takes a minute or so to complete.

“BT Super for Life has a history of striving to make superannuation simple. We were the first to integrate superannuation into online banking so that customers can see their superannuation balance alongside their other savings and accounts. Now we’ve added to this by making finding and combining super much easier.”

The BT super search

• When someone opens a new BT Super for Life account, they can choose to provide their consent for a lost super search to take place.
• BT requests a lost super search from the ATO and identifies accounts belonging to the new customer.
• BT does the paperwork and sends it to the customer for them to sign and return.

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The new campaign, which launched on Sunday, shifts the focus from its products to the needs of customers, positioning BT as the expert accessible to all Australians for super, investment, insurance and advice.

BT’s campaign will run across all major TV networks, including sponsorship of Channel 10’s ‘Masterchef: The Professionals’, outdoor, print, digital, social media and PR. The new campaign – ‘Prepare for the best’ – sees the retirement of the apple and the blue lights used in previous superannuation and investment campaigns.

BT’s new brand positioning makes a direct pitch to the aspirations of Australians who hope for their best future, but either keep putting it off or don’t know where to start.

BT Financial Group Chief Marketing Officer Mark Murray says the campaign is intended to encourage Australians not only to hope for the best but to prepare for it now.

“People know they need to do something but knowing where to start is the difficulty,” says Mr Murray.

“BT has always been known for its expertise. We want this expertise to be accessible to all Australians by making it easier to get help and advice wherever and whenever it’s needed – whether that’s talking to our specialists face-to-face or on the phone, educating themselves on how to prepare for the best on bt.com.au  or joining the conversation in social media.

“This campaign recognises that Australians have many different moments in life and BT can help them get financially prepared.”

The campaign features TV advertisements that are set in a positive future and work backwards to the current day to a moment when the advertisement’s characters began to prepare for the best.  The campaign’s creative is supported by content across a new BT website, including a new mobile site, and social media.

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The appointment is part of BTFG’s strategy to maximise the super opportunity and capture the lion’s share of the $1.3 trillion super industry.

“Superannuation has been called-out as core to the Westpac Group’s strategy, given its critical importance in helping Australian’s prepare for a better retirement and the expected growth in the industry,” general manager of superannuation Deanne Stewart said.

The super opportunity is a must-win category for our business and a key part of this is delivering to customers in the early accumulation stage through Retail and Corporate Super.”

Ms Doyle will be responsible for the development and the management of business strategy, product, marketing and distribution strategy to help grow funds under management and market share.

“Vicki has a depth of experience in super and will be a strong member of BTFG’s leadership team which is focussing on servicing the needs of more Australians,” Ms Stewart added.

Doyle will join BTFG in early 2013 from Suncorp where her most recent role was executive general manager, direct customers.

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Both are classed as siblings of the Zurich Investments Australian Value Fund, which we rate three stars.

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This win follows a series of improvements to the platform, including the launch of market leading tax and trading tools just last month.

BT Wrap National Manager Nicholas Bowley was thrilled with the win saying it was the result of continued development and investment in BT Wrap and a great reflection of its continued focus on building a market leading investment platform for self-managed super funds.

“Our platform is about creating efficiency and value for advisers and their clients. This award reflects our ongoing commitment to ensuring we are always at the front of the market.

“We work closely with advisers to ensure all changes are driven by and reflect their needs and the needs of their clients.

“In the last three months alone we have implemented a number of new features including changes to make it even easier for advisers to trade equities and managed funds and proactively manage tax outcomes of certain sales when trading.”

The judges said: “BT Wrap is a comprehensive, all-round product. This includes providing a combination of an extensive investment option menu and a comprehensive range of features, terms and conditions. These are supported by a competitive fee structure. Being the top player in the platform market, BT Wrap continues to develop market-leading features and functionalities. In particular its model portfolio tools aim to reduce administrative burden and to assist advisers to implement tailored advice for clients. Its new methodology boosts capital gains tax optimisation.”

BT Wrap is the largest platform in Australia with more than $41 billion of funds under administration.

Last year BT Wrap was named Best Superannuation Platform at the Awards.

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