Super rollovers with industrial strength

Financial advisers using AdviserLogic software can now incorporate transactional components of advice into their broader service proposition and still keep the personal touch, thanks to a new Super Rollover feature (Super Rollover).

AdviserLogic head of product development, Daniel Gara, said Super Rollover is a form of robo-advice that performs mundane functions which advisers cannot charge significant fees for, making it easier for them to compete with industry funds and like businesses.

“It enables rollover of a client’s existing super funds into an adviser selected super fund, which then automatically selects a model portfolio that matches the client’s risk profile,” he said. “It then runs an analysis comparing the features and fees of the relevant superannuation funds.”

Mr Gara said Super Rollover helps simplify the compliance process, which is good news for advisers and licensees. “It recommends a model portfolio which is directly in line with the client’s risk profile. It then compares features and fees of the old and new super funds and underlying investments.  Statement of Advice generation is the next step.”

If the adviser selected fund is chosen, the rollover process can be completed within seconds, but the adviser also has full capacity to alter anything in line with the client’s objectives – including the fund. “If the client doesn’t want to roll the full amount of funds over, or this is not appropriate, the adviser can leave some funds in place. There is also capacity to change some or all of the underlying investments. Anything can be altered,” Mr Gara said. “We have ramped up our data from SuperRatings to reflect the needs of Super Rollover and our users are really happy with it.”

For insurance within super, Super Rollover allows the adviser to complete a comparison of insurance premium projections that are based on a combination of gender, age, occupation and sum insured. “The adviser analyses how much the client needs and Super Rollover compares the premiums and features available in the existing superannuation funds with those available in the recommended funds.”

Mr Gara said Super Rollover, which will be further enhanced over the coming months, reflects the benefits of robo-advice.

“The features we are creating make processes very efficient and cost-effective. They streamline and simplify the production of documentation without compromising the content,” he says. “This is essential in the new world of advice – a world where advisers can focus on doing what they do best, and that is relating with their clients on a personal level, explaining complex strategy and working out exactly what the client needs from the advice process.”