“We are thrilled that more and more members are seeing the value in advice.”

UniSuper, the $80 billion superannuation fund for the higher education and research sector, continues to see significant demand for its specialist advice services, with funds under advice (FUA) reaching a record high of $13 billion.

UniSuper runs a unique advice model, employing over 95 financial advisers and general advice consultants nationally providing advice to over 18,000 members across superannuation, insurance and retirement strategies and products.

Jack McCartney, Chief Financial Advice at UniSuper, said the level of demand for UniSuper’s advice offering had grown from $3.5 billion FUA five years ago to $13 billion and increased by close to 14% in the last financial year alone.

“We are thrilled that more and more members are seeing the value in advice. With service and individual outcomes at the forefront, profit-for-member models provide a unique offer that is resonating strongly in the current environment,” Mr McCartney said.

“Members at all life stages are truly seeing the real benefits of specialist and tailored advice, across both their super and non-super related investments.”

The advice offering is allowing UniSuper to more comprehensively support members as they move into retirement.

Growth has also been spurred by record levels of inflows from SMSFs, family take-up of UniSuper’s Personal Accounts offering, and increased access to specialist services via the Fund’s increasing number of dedicated member centres.

“We are on track to continue this growth trajectory over the coming five years. As we grow, we are exploring additional avenues to offer face-to-face advice to more members, particularly in regional areas,” Mr McCartney concluded.

In response to the increased demand for advice, the fund has expanded its member centres across the country and now operates 10 UniSuper Centres on-campus. The most recent to open is the Adelaide North Terrace centre, which commenced operation in April. A further seven member centres have opened at the Fund’s offices around Australia.

The member centres form an important part of UniSuper’s ongoing commitment to service excellence and align with its company mission of delivering greater retirement outcomes for members.

In recognition of the UniSuper Advice offering, the Fund was recently awarded Best Fund, Advice Services at the 2019 Chant West Awards.

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Several changes to the executive leadership team, including three newly created roles, will help to promote organisation-wide strategic alignment in how the business delivers great value to members through competitive returns, low fees and excellent service.

Commenting on the changes, CEO Kevin O’Sullivan said: “Given the abundance of change occurring within both the super and the higher education sectors, our new structure will better enable UniSuper to deliver the best possible retirement outcomes for our members. Our members’ best interests are at the heart of everything we do and this has been the key driver for making these changes”.

Anna Leibel, who has been leading the fund’s technology division since March 2017, has been appointed to a new role, Chief Technology & Delivery Officer, which will bring together an end-to-end back office function incorporating technology, program management and fund operations.

The roles of Chief Commercial Officer, responsible for fund strategy, product and marketing, and Chief Operating Officer, responsible for risk and governance, legal and finance have also been created and the fund is in the process of recruiting for these positions. Chief Investment Officer John Pearce remains in his role, as do Julie Watkins (People), Jack McCartney (Advice), and Lee Scales (Chief Customer Officer).

Tim Anderson, Executive Manager – Marketing & Product and Nick Drohan, Executive Manager – Program Management will be departing the fund in May.

“Tim and Nick have made exceptional contributions to the fund’s enviable position. I am enormously grateful for Tim’s work over the last eight years building our strong brand, award-winning product suite and digital strategy. And Nick has been instrumental in transforming the way we govern and manage our busy and complex project pipeline. I wish Tim and Nick all the best for the future and thank them for their significant support and contribution to our success,” said Kevin.

The new structure becomes effective during May.

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The branded retail premises have been opened at Monash University, Sydney University, the University of New South Wales, the University of Western Australia and Queensland University of Technology recently, and UniSuper plans to open further on-campus centres over the next six months.

“The initiative further deepens our relationship with our university partners and makes it even easier for our members to access our extensive advice services by bringing advice to their workplace,” said Jack McCartney, UniSuper Executive Manager – Advice.

“We are committed to making our advice services accessible to all members and opening a branch on-campus is an innovative way for us to achieve this goal.”
UniSuper runs a unique advice model, employing over 55 financial advisers nationally, providing advice across superannuation, insurance and retirement strategies and products.

Currently over 15,000 UniSuper members are advised, representing over $10 billion under advice.

Each of the on-campus offices is staffed by a full-time on-campus consultant, allowing members to walk in and seek assistance with general queries, or make an appointment for a more detailed conversation at a time that suits them.

“It is exciting to have our first UniSuper centres opened and we are looking forward to rolling these out to other campuses over the coming months,” Mr McCartney said.

“In our experience, UniSuper members are showing a clear preference for face-to-face advice. This is the case for both complex comprehensive financial advice as well as with scaled advice, where a member is only looking for advice on one or two specific financial issues. Bolstering our on-campus presence will help us to facilitate more of these in-person conversations.”

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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.

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Members increasingly want face-to-face advice: UniSuper.

UniSuper, the $60 billion superannuation fund for Australia’s higher education and research sector, says despite the rapid growth of ‘robo’ advice, meeting financial advisers face-to-face continues to grow as the preferred approach among its members.

UniSuper offers members a comprehensive financial planning solution, with nearly 50 financial advisers nationally providing complete advice across superannuation, investments, insurance and retirement strategies.

Demand for initial advice appointments with members is up over 20% year-on-year. Review Advice, where an adviser reviews an existing financial advice plan, is up over 70%, with demand spiking as members prepare for the upcoming superannuation changes due to come into effect on 1 July.

Jack McCartney, UniSuper Executive Manager – Advice, said more than 50% of UniSuper’s initial advice appointments across its adviser network are now occurring face-to-face.

“While phone based and digital scaled advice have a place, for members wanting to discuss more complex needs or approaching retirement there is a clear preference to have these discussions in person, with more than half of UniSuper’s initial advice appointments now occurring face-to-face,” Mr McCartney said.

“We know that around half of all adults in Australia have unmet advice needs with many lacking the knowledge, time or confidence to seek financial advice. Building a relationship face-to-face can quickly help overcome these barriers.

“We’ve also seen this trend grow among younger members, with the initial face-to-face meeting helping build a deeper relationship as a base to grow and evolve over time as their situation changes.

“An increasing number of Australians who are looking for financial advice are first turning to their super fund and for UniSuper, our core goal is that when members are seeking advice we have a service offering and a channel that is right for them. What we are seeing is that the ‘right’ channel is more often than not face-to-face.”

Whilst Mr McCartney said that his team do not set out to win awards, the recent acknowledgement of Best Advice Offering at the Conexus Financial Superannuation Awards 2017 is a reflection of their collective hard work over recent years.

“We are tremendously proud to have won this award. Our members understand the importance of an expert opinion, especially when it comes to planning for the future. Receiving industry best-practice advice gives them confidence in knowing they are preparing themselves for a comfortable life now and into the future.”

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