UniSuper, the $50 billion superannuation fund for the higher education and research sector, has seen a significant increase in the demand for financial advice from members, with visits to its adviser network growing by 20% over the past year.
UniSuper offers members a comprehensive financial planning solution, employing more than 30 advisers in advice centres nationally. In 2015, UniSuper became the first profit-to- members superannuation fund to have a nationwide footprint of FPA Professional Practices – the highest accreditation for an advice business, reflecting UniSuper’s commitment to the highest professional and ethical standards.
Over the past year, UniSuper has significantly expanded its advice offer and services to members and is on track to have 11,000 advised members by the end of the financial year. There has also been a marked increase into Review Advice (where an adviser reviews an existing financial advice plan) – up 59% year on year. UniSuper expects Review Advice to clients to double in the next two to three years.
Jack McCartney, UniSuper Executive Manager – Advice, said UniSuper’s commitment to delivering best practice financial advice is driven by the fund’s mission to deliver members greater retirement outcomes – through both the accumulation and retirement phases of their life.
“Our membership base is unique, they are engaged and well-educated, and as members become more aware of the breadth of our advice offer they are seeing real benefits in seeking advice for both their super and non-super related investments,” Mr McCartney said.
“UniSuper runs a comprehensive financial planning business, with an extensive Approved Product List that allows our advisers to provide complete advice across superannuation, investments, insurance and retirement strategies and products.”
To further broaden its advice offer and services for members, UniSuper has also announced a new referral partnership with taxation specialist, PKF Melbourne.
The partnership will allow UniSuper advisers to refer specific member queries on taxation planning and structuring to a specialist expert. It furthers similar partnerships with Mills Oakley Lawyers and Australian Executor Trustee (AET) for estate planning.
“Our philosophy is to partner with specialist firms who have a similar commitment to quality and deliver value for clients as we do at UniSuper. Through these partnerships we are able to help members build a plan and execute it with quality, reliable partners,” Mr McCartney said.
“The added benefit of our advice proposition is that regardless of the recommendations made there are no commissions and no referral fees, meaning our advisers can truly recommend a solution that aligns to the best interest of our members.”
