Industry Fund Services has partnered with global consulting firm Boston Consulting Group to help improve how profit-to-member super funds find new ways to improve the delivery of financial education and advice.
The partnership is with BCG X, which is the tech build and design unit of the the group, will combine IFS’s knowledge of member education and advice with BCG X’s history of creating new digital businesses and platforms as a significant incubator worldwide.
IFS and BCG X hope to form a consortium of “values-aligned super funds” to push the sector forward and explore what is possible with today’s technologies and changing regulatory landscape.
“After 30 years of compulsory super, Australia has one of the best accumulation retirement systems in the world,” IFS said in a media release.
“But against the backdrop of the Retirement Income Covenant and the incoming wave of Australians entering retirement with super, there is a great deal more that can be done to help them get prepared and live their retirements better.”