This time next week, the $8 billion HostPlus should begin offering intra-fund financial advice through its website, drawing on technology from an external online developer.
Wayne Sullivan, marketing manager at the industry fund, confirmed that final tests were being undertaken ahead of an “imminent” launch of the tool, but was unable to provide further details until the service goes live.
To provide the service, the fund will draw on the Super Blueprint system from website development company Toowards, and has white-labelled it as SuperAdviser.
Toowards, which is 51 per cent owned by superannuation fund ratings house SuperRatings, also provided its Super Blueprint platform to Brisbane-based fund Intrust to enable the fund to launch online intra-fund advice in September 2010.
However, Intrust members accessing the service are required to log-in through the fund’s administrator, AAS, while HostPlus members will receive advice through the fund’s website.
Graeme D’Costa, director at Toowards, said HostPlus members can use the service while being in contact with the fund’s internal call centre to ensure any unexpected difficulties that could interrupt the process can be overcome.
He said the module contained four main sections: investments, which matches members with an appropriate risk profile; contributions eligibility, which assesses their salaries and determines if they are eligible for government co-contributions or if salary sacrifice can be accommodated; insurance, to test whether current levels of cover are adequate; and retirement, which forecasts members’ expected incomes as they enter decumulation, and provides tips on how their future income goals can be achieved.
HostPlus members access to the module by entering their name, date of birth and member numbers. Each member is met by a pre-populated form with their account balance, insured sum and other specific information.
D’Costa believed this online delivery was an appropriate option for funds aiming to deliver intra-fund advice on a large scale.
“We believe in the internet. We don’t believe in software,” he said.