Australia’s digital financial advice provider market is strong, but their capability remains under-recognised by the superannuation funds that could benefit most from tapping into not just their technology, but their experience and insight, according to a report and market scan carried out by Borromean Consulting, which is headed up by former Link Advice CEO Duncan McPherson.

“The capability exists in the market — providers are ready, willing, and able to deliver high-quality, scalable advice — but the way funds and providers engage is holding back the full potential of these solutions,” the report says.

“Shifting from a procurement-led, transactional mindset to a strategy-led, partnership model would allow funds to unlock far more value from their digital advice investments.”

The market scan says that most funds approach procurement in a way that is “counter to forming mutually beneficial relationships”, with the process positioning providers and bidders and engagement with them as a transaction. 

Providers canvassed for the market scan said that RFPs were rigid and that procurement protocols could “narrowly constrain their input”, which meant funds missing out on learnings from other implementations, both successful and unsuccessful.

One provider in the market scan estimated the cost of a single RFP response at over $100,000, with compressed timelines – usually a two-week window – adding to the strain. Funds themselves often extend their own review periods or delay shortlisting, sometimes due to difficulty digesting the information sent through as part of the RFP, which can in some cases stall the process entirely.

“Another recurring issue is internal misalignment within funds,” the report says.

“Providers can find themselves speaking separately to advice, technology, and member engagement teams — only to discover those teams are unaware of how their requests impact other functions. This silo effect can lead to conflicting priorities, unclear requirements, and solutions optimised for one area of the fund at the expense of another.”

Shifting away from that would mean engaging providers earlier in the design process, leveraging their experience to shape the scope and sequencing of solutions, and aligning internal teams so that the fund approaches its engagement with digital advice as “one organisation, not a set of disconnected functions”.

“The way procurement is currently structured not only drives up cost and complexity for providers — it also limits the fund’s ability to access the full value of the market.

“By constraining collaboration, delaying alignment, and prioritising process over purpose, funds risk selecting solutions that meet the brief but miss the opportunity for deeper integration, better member outcomes, and long-term strategic fit. Changing the approach isn’t just about making procurement easier; it’s about creating the conditions for better advice experiences and more engaged members.”

That means reframing procurement as the “start of the partnership, not the test of it”. Funds must develop a clear digital advice strategy, identify the member segments they aim to serve and the types of advice they need, and align their internal teams – across tech, member engagement, advice and compliance – to one shared outcome.

“When funds take this approach, they shift the dynamic from “procurement and delivery” to “design and partnership”. The result is faster alignment, stronger fit, and advice solutions that are not only technically sound but culturally and strategically aligned to the fund’s vision for member outcomes.”