Rapid Advice Delivery software is now being used by seven industry super funds, including HESTA, and one administrator to assemble intra-fund and limited advice for members.
Retail funds are also talking with the Australian developer, Melbourne-based Provisio Technologies, said Provisio director Jye Tucker (pictured).
Tucker, who’s had 15 years in software development for superannuation said “this is the most interesting thing I’ve seen from a technology viewpoint for the industry. This is the first time that I’ve seen technology driving a big change in the industry – the last such technology-driver was the Internet itself which allowed members to interact with their super online.”
Provisio, now in its third version, began as transition to retirement software five years ago and has grown into a modular offering covering retirement adequacy, contributions optimisation, investment choice, and insurance.
In contrast to the in-the-Cloud trend for software, Provisio is available only as a desktop installation or via the Provisio server, said Tucker, to protect fund members’ private information.
Tucker added that Rapid Advice Delivery software was revolutionising the intra-fund advice space because advice would be delivered face-to-face, or through a call centre, or online.
He said funds were able to customise the software in response to members’ questions, and also that some funds now had financial advisers embedded in the funds’ call centres so that advice could be given immediately and Statements of Advice generated and delivered instantly.