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Online advice key to engagement
Online advice key to engagement
Super funds with a robo-advice tool are five times more likely to issue a statement of advice to their members, according to SuperRatings.
Speaking at the Digital Advice Conversations event organised by the Adviser Network, SuperRatings chief executive Adam Gee said funds that utilised some kind of online advice tool were "looking at about a 550 per cent increase" in SOA issuance.
Mr Gee added that SOA issuance was "very very low" across the country, with the most recent data for issuance over a twelve month period put the industry median at 0.5 per cent.
"We've got no doubt there's demand for advice, but if you've only got half a per cent that are using it, that does create a challenge," he said.
Digital advice tools were key in driving member engagement within funds, Mr Gee said, adding that SuperRatings were "amazed at how few are doing online advice".
Despite the promising increase in SOA issuance, current online tools still have room for improvement according to Mr Gee, as anecdotal evidence SuperRatings has heard suggests "for every 100 scaled SOAs produced, about 30 to 40 get implemented"."You're looking at about a 60 - 70 per cent leakage because members can't be bothered printing off the form; can't be bothered signing it and sending it back," he said.
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