Advisers want to spend more time doing what they do best which is providing great financial advice, while running a profitable business.

Surveys highlight adviser profitability is challenged, driven in part by compliance as well as poor technology and systems. The result is higher adviser operational costs and revenue constrained to the number of clients an adviser can compliantly serve.

With the Quality of Advice Review (QAR) final report handed down on February 8, the industry is poised for change. While some advisers are embracing the findings and their potential to reduce the compliance burden and cost to provide advice, others are sceptical they will provide positive change for the financial advice profession.

In either case, there remains a level of uncertainty, with the details and timing of any legislative changes yet to be determined, and the Financial services minister Stephen Jones indicating he plans to ‘stress-test’ the review’s recommendations before taking them to federal Cabinet.

However, the report is clear in its view that personal advice is not the sole domain of financial advisers, and this transition has already commenced. There are at least 12 superannuation funds in Australia offering personal advice services to their members, underpinned by Midwinter’s digital advice technology.

These funds are offering predominately scaled (intra-fund) advice via digitally enabled services augmented by professional advisers, providing millions of members that may not otherwise seek traditional face to face advice with a means to get financial help.

These organisations are investing significantly in digital advice technology to enable a consistent, compliant, and scalable solution that provides members with flexibility in how they access advice. This digital approach is integrated with other technologies that are core to the end-to-end advice process. For example, member portals at the experience layer can support self-service and engagement, and registry systems at the administration layer enable straight-through-processing of advice.

Rather than stand by as super funds leverage digital technology to provide efficient, engaging, and scalable advice offerings, now is the time for dealer groups to look at how they can adopt similar technologies as part of their proposition to advisers.

The same digital advice technology that super funds use to enable intra-fund advice services, can be used by professional advisers to reduce the time, cost and risk associated with serving their high-net-worth clients. This technology can also help advisers extend their reach and relevance to a broader set of Australians that currently do not access face-to-face advice, unlocking additional value and growth opportunity.

The last few years has seen consumers increasingly embrace online services for everything from grocery shopping to telehealth, legal services and banking. Expectations for digital services that enable more convenient, simple, and secure interactions will ultimately require professional advisers to adopt digital technology to stay relevant.

The QAR final report highlights digital advice tools as an important enabler in the delivery of personal advice services for both relevant and non-relevant providers.

However, this technology is unlikely to replace the human adviser. Robo-advice, which failed to thrive in Australia and the UK, is stalling in the United States according to JPMorgan Head of Digital and Client Solutions Dr. Kelli Keough. It is being replaced by a ‘hybrid’ model that combines the empathy and trust built through a relationship with a human adviser, and the efficiency and convenience of engaging digitally.

This hybrid service model is poised to become the future for progressive advisers that want to keep pace with client expectations.

During the last reporting period, dealer groups highlighted a need to develop innovative technology to enhance the efficient delivery of cost-effective services as well as improve their client experience and digital capabilities.

For an industry heavily reliant on human processing and intervention, fully leveraging the efficiency enabled through digital advice requires a shift in mindset: one where participants are comfortable to automate easily repeatable processes and provide more customer self-service.

Advice businesses have already started down this path, adopting digital technologies such as client portals where their customers can securely view performance reports, update personal information, and access financial documentation.

But these services are just the tip of the digital advice iceberg.

A shift towards radical efficiency requires the use of technology to automate manual tasks across the preparation, implementation, and administration of advice, as well as the optimisation of business processes for data collection, implementation, advice formulation, and documentation.

Reducing the time spent on mundane tasks and tedious background work will enable advisers to put their focus where they provide real value to their customers – educating and guiding them through their financial journey – with the help of visually engaging digital experiences.

In an age where concerns around data security and protection of sensitive information are on the rise, a smarter approach to protecting customers while handling sensitive data and producing advice is critical.

For example, transmitting confidential information by paper or email opens multiple opportunities for a data breach through email transmission, lost documentation or just human error; establishing a secure and integrated online solution with digital fact find and client portal for collecting and sharing client data eliminates a lot of the need for this insecure data transmission and handling. For many advisers this may be the first step to offering a hybrid digital – human service.

For dealer groups that aim to be here long-term, adopting a digital technology ecosystem of services that connect the client to their advice and money is not a question of if, but when.

As an industry, we know that financial advice has a long way to go to offer the seamless digital experiences people consume in their everyday lives. Professional advisers who value practice management support from their licensee will turn to those groups that offer access to integrated technology that reduces their time and cost serve. The by-product is compliance by design that supports the licensee operations and keeps everyone ahead of the curve.

Avoiding change is not the answer. Dealer groups can use their scale to help advisers evolve their offering to include engaging and accessible digital advice experiences, supported by a deliberate technology architecture that considers the adviser total cost of ownership.

As soon as a hybrid advice model becomes the norm – and a piece of advice can be developed in a matter of hours rather than days or weeks – advice businesses that have not adopted these digital technologies will become uncompetitive.

Dealer groups that are already planning, or better yet progressing their digital advice strategy will be the ones that charge ahead of the rest.

Want to find out more about Midwinter’s digital advice capabilities? Click here to request a demo with our sales team.

This article first appeared in Money Management on 22 February.

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Getting good financial advice into the hands of more Australians is one of the biggest challenges facing the finance industry today.

The industry is changing and the number of financial advisers has significantly dropped, with fewer financial advisers to cater to the growing need of people who need good financial advice. In fact, numbers have dropped almost by half since 2019 when there were close to 30,000 financial advisers, and now there are less than 16,000. Those numbers continue to fall as fewer financial advisers enter the industry.

“It is a Wicked Problem, I don’t think there is any doubt around that,” FPA CEO Sarah Abood says on the program. “Right now, we don’t have many advisers and planners. In fact, the numbers have halved in the past couple of years. Things are going in the wrong direction. Demand is going up, and supply is going down,” Sarah says. While finance adviser numbers drop, the people seeking advice is growing as our ageing population gets closer to retirement age. “By 2026, according to the ABS, we’re going to have 137,000 Australians every year turning 65,” Sarah says.

Download the whitepaper to read more on:

• The adviser landscape in Australia
• The role of technology in solving the problem of access to good, affordable advice
• Financial advisers’ reactions to the program and discussion

The post How to get good financial advice into the hands of more Australians appeared first on Midwinter.

Digital technology embedded within the advice experience enables practices to respond to these developments, attracting and retaining more clients and setting their business up for the future.

Technology offers many benefits, whether it’s creating a more efficient business, improving the client experience, or strengthening and supporting compliance.

Digital advice technologies are now emerging to augment those benefits for both advisers and their clients.

“Streamlined technology including digital advice can help advice practices become radically efficient while creating contemporary and more scalable ways to engage with a broader set of clients,” says Midwinter Chief Commercial Officer Steve Davison.

“Digital advice technology creates a new landscape where advisers have more time to focus on what they do best, advise and serve new and existing clients and reduce time, effort and risk to manage the historical advice process. Done well this should drive business value”.

“It becomes a tool for advisers to extend their reach and relevance to more clients in a profitable way.”

The digital transformation journey comes with its own challenges, but the rewards can be substantial and will ultimately reshape how advice is delivered and experienced.

A hybrid advice model that combines the best of digital and adviser-led interactions is set to become standard. Those who fail to adopt it will be left behind.

Technology is already being used to provide advice for simple consumer needs and to support many common adviser interactions. It expands the reach of advice to new clients and leaves more time for advisers to spend on client interactions and to manage more complex financial affairs.

Our white paper ‘Digital is reshaping advice: embrace the benefits’ provides a guide for how advice practices can accelerate their digital transformation journey.

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Aimed at financial advisers, the investment community and consumers, Wicked Problems: Visionary investors brings together industry experts to discuss some of Australia and the globe’s most wicked finance problems.

The program forms the media vehicle behind a collective of like-minded individuals from the investment community who are deploying billions of dollars into solving problems like climate change, sustainability, accessible financial advice and protectionism.

Many people are not accessing financial advice because of several perceived barriers, whether it’s not being able to afford it or thinking that financial advice is not for them. Since most people who seek financial advice are high-net-worth individuals, there’s a large portion of Australians who are missing out on much-needed advice.

With an unstable economic landscape in a post-pandemic world, access to good financial advice is needed more than ever. Steve Davison, Chief Commercial Officer at Midwinter is pleased to support and participate in this conversation along with Sarah Abood, CEO of the Financial Planning Association of Australia.

“We are pleased to be the foundation partner for the first two episodes which focus on how to make good financial advice more affordable and accessible to Australians,” said Davison. “Over the past few years, declining adviser numbers and increasing input costs have meant most Aussies are essentially priced out of the advice market. Leaning on the proposed changes in the Quality of Advice Review and Midwinter’s digital advice capabilities, we are on a mission to change this by providing advisers with the technology they need to provide affordable advice solutions.”

Watch episodes 1a and 1b below or find the full series on the ausbiz website.

Wicked Problems: Visionary Investors Episode 1a

Wicked Problems: Visionary Investors Episode 1b

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The number of Australians who have or will soon have access to digital advice through their super fund and Midwinter financial advice software now stands at almost three million.

That figure has almost doubled since January 2020[1] as super funds have focused on boosting member engagement and retention in the wake of new regulation.

Yet many funds are yet to respond with a digital advice solution despite rapid changes across the industry. They risk being left behind as record merger activity quickly reshapes the sector.

Digital advice becomes imperative

Many smaller funds or underperformers are merging with larger funds, which is creating newfound scale benefits in the wake of the Your Future, Your Super (YFYS) regulation.

There were 15 mergers announced to the market in the year to October 2021 – the most activity ever seen in a single year – and that pace is expected to accelerate[2].

To be competitive, these funds need to find new ways to engage their hundreds of thousands of members at scale.

If these members are not engaged, they may switch to another fund or make poor investment decisions. For example, a significant number of members switched to more conservative investment options when the COVID-19 downturn struck in early-2020[3] – they then missed out on the quick rebound.

Digital solutions, which can deliver quality advice in a scalable fashion, are a key part of the solution, helping improve member personalisation and maximising their retirement income.

Consumers have become accustomed to seamless digital experiences and are increasingly demanding them.

For example, more than three-quarters (77%) of Australians aged 65 and over were using online banking at June 2020 compared to 59% just three years earlier, according to ACMA[4].

The ability of consumers to extract even more value from digital services is also increasing as Consumer Data Right legislation gives Australians the right to share their data between service providers to find the best service.

It already applies to banking and is expected to eventually include super, providing another prompt for funds to increase member engagement.

Watch: Midwinter Financial Advice Software for Super Funds

Roadblocks to digital advice removed

Super funds are in a strong position to offer digital advice services, given people want solutions from the major organisations they already know and trust. But digital solutions must be cost-effective, compelling, and engaging.

Some funds have been put off by past digital transformation projects, which have taken a huge amount of time. That is no longer the case with digital advice. What can be achieved through advice software as a service is significant given advances in technology.

Open APIs make integration with existing ecosystems simple. Digital advice can be tied to the registry making straight through processing of advice a reality. Scalable and repeatable digital advice services create operating model efficiencies.

Digital advice can also ensure that personal advice remains fully compliant – the technology takes members along a pre-determined advice path and a Statement of Advice is automatically generated.

This technology forms a platform for all advice – it powers digital advice, online calculators, and the platforms used by in-person advisers. This ensures the same underlying quality, whether the advice is intra-fund or holistic.

Digital advice is no longer an either/or proposition working against in-person advisers. Digital advice can serve as a gateway to an in-person adviser when the time is right – when they need more advice or approaching retirement. A US Vanguard study recently found that 88% of digital-advised clients said they would be willing or extremely willing to work with a human adviser in the future[5].

Digital advice acknowledges that funds can’t possibly serve every member in person and not every member can afford the higher cost of a full financial plan.

Some member cohorts, such as Millennials, may prefer to interact through digital channels rather than in-person. This is crucial for the future growth of funds given younger members are often the least engaged with their super.

Digital advice is becoming a standard component of an increasing number of super fund services. It can boost engagement and member retention, while improving the retirement outcomes for Australians.

To find out more about Midwinter financial advice solutions for super funds, click here. Midwinter is a part of Bravura Solutions Limited; to find out more about Bravura visit bravurasolutions.com.

[1] The number of members reached through Midwinter digital advice solutions has risen from 1.61 million at January 2020 to 2.97 million at March 2022.

[2] The Future of Superannuation | J.P. Morgan Australia. (2022, April 07). Retrieved from https://www.jpmorgan.com/solutions/cib/securities-services/future-of-superannuation-report

[3] Box C: What Did 2020 Reveal About Liquidity Challenges Facing Superannuation Funds? | Financial Stability Review – April 2021. (2021, April 08). Retrieved from https://www.rba.gov.au/publications/fsr/2021/apr/box-c-what-did-2020-reveal-about-liquidity-challenges-facing-superannuation-funds.html

[4] The digital lives of younger and older Australians | ACMA. (2022, April 07). Retrieved from https://www.acma.gov.au/publications/2021-05/report/digital-lives-younger-and-older-australians

[5] Robo or human advice? Investors want both in one place. (2022, April 07). Retrieved from https://advisors.vanguard.com/insights/article/roboorhumanadviceinvestorswantbothinone

The post Why digital advice has become crucial for super funds to remain competitive appeared first on Midwinter.

With profits down it’s tempting to tighten the purse strings, but while cutting costs might lift profits in the short term, it may not be the best thing for the future success of your advice business.

The same report has shown that while profits have decreased, the average revenue per practice principal has remained steady and the average gross business revenue has increased.

It’s clear that declining profitability is the result of increasing operational costs.

For an advice business to thrive, they need to invest in efficiency-creating systems and processes.

According to Rod Bertino, Principal of Business Health and co-author of Future Ready IX, finding scale through technology would be the “true enabler” of profit.

Technology is an investment, and like any investment, it must deliver a decent return.

It takes time and effort to implement a new piece of technology into a practice, which is often a sticking point for already busy practice principals, according to Bertino. But he notes the efficiencies gained – and potential technology cost savings – make it a worthwhile investment in the long run.

The longer practices wait to update their processes and systems, the more they will spend serving customers using a less than ideal cost structure, and losing potential profits in the process.

While the pace of digital adoption has increased in recent years, particularly since the start of the COVID-19 pandemic, outdated approaches haven’t yet been fully replaced by integrated digital end-to-end processes.

Digital advice technology drives efficiency and offers new ways to engage clients, but it’s not a replacement for the adviser-client relationship which remains an important component of a successful advice business. Bertino points to the survey results of 52,000+ advised Australian clients that indicate the strength of the relationship with their adviser is more important than the adviser’s technical knowledge or the quality of the advice they receive.

However, practices that do not adopt digital advice technology and client engagement tools will be left behind as consumers increasingly demand easier access to services and the changing demographic of people seeking advice is creating a growing number of digitally savvy clients.

Midwinter’s Head of Product Andrew Zietara notes the benefits of systemising practice processes using advice technology extend beyond efficiency. “Advice technology enables repeatable tasks to be systemised through workflows which creates efficiencies through automation, but also ensures consistent business processes are established and followed, helps improve staff satisfaction and reduces key person risk.”

Efficiencies gained by implementing the right technology free up time for advisers and practice principals to spend on high-value activities which help boost client satisfaction, deepen the client relationship, and acquire and serve new clients effectively – in turn boosting practice profitability.

The Future Ready IX report was produced by Business Health in partnership with Midwinter. You can download the full report on here. To find out about Midwinter’s leading financial advice software AdviceOS, click here or book a demo with the sales team.

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For super funds, the ability to deliver meaningful member experiences and retirement outcomes is a key priority. Being able to do so in a frictionless digital way is another.

Digitisation of administration tasks is one way funds are achieving efficiencies across their day-to-day operations. It’s also giving members the ability to track their balance and make changes online, helping drive deeper engagement and interest.

In the same way, digital advice has the potential to offer significant benefits. It is the next evolution of robo advice. For members, it provides an affordable alternative to costly and time-consuming face-to-face advice. For funds, it offers a way to stand out – providing a more personalised experience while reducing the costs and risks of manually producing advice.

Our Midwinter Digital Advice solution is a configurable software-as-a-service solution that leads the way in digital advice. Unlike a traditional advice solution, it effortlessly scales up and down, to meet peaks and troughs in demand. And because it automates many of the processes manually performed by adviser and their support teams, it can deliver more advice, faster and at lower cost.

Click here to read the full article on our parent company Bravura Solutions’ website.

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Every Australian dreams of a comfortable retirement – but unfortunately, not everyone is on track to get there. The Association of Superannuation Funds of Australia (ASFA) recommends that a single person have $545,000 in super savings when they retire, and $640,000 for a couple.

Yet, many of us are falling well short of this mark. The median super balance at retirement is only $154,453 for men and $122,848 for women. So how can you help your members achieve the retirement they dream of?

The benefits of advice

Professional financial advice can make all the difference in the quality of life your members enjoy in retirement. When they receive personalised advice, members not only become more actively engaged with their super, they’re also empowered with the skills and knowledge they need to maximise their savings.

With advice tailored to their needs, members learn to set retirement goals, and put super strategies in place to help achieve them. Depending on their circumstances, this could be as simple as making additional contributions, changing their investment portfolios, insuring their life or income, or taking advantage of government incentives.

What’s more, the earlier members start boosting their super, the more they’ll accrue in savings over the course of their working lives, leading to better outcomes for their retirement.

Super funds have a role to play

In addition to growing their members’ super savings, super funds can play a key role in helping members maximise their balance and get on track for a comfortable retirement.

But creating an enhanced advice experience comes at a cost – for both funds and members. Super funds can struggle under the load of administrative tasks and data entry, taking staff away from higher value activities. Plus, in a constantly changing advice landscape, funds may find it challenging to keep up with changing regulatory requirements to fulfil their compliance obligations.

This can hold funds back from reaching key performance benchmarks required to continue running their business. It can also put them at risk of making mistakes due to human error or delivering unsuitable advice. The end result is an advice service that’s more expensive and less optimal for members, further driving down engagement.

Overcoming the challenges

Bravura Solutions and Midwinter are on a mission to help super funds deliver advice that’s cost-effective, convenient and compliant. That’s why they’ve designed a suite of intuitive and interactive digital advice solutions to address the advice challenges in the super industry, offering benefits to both members and funds.

With three integrated platforms – Sonata, Digital Advice and AdviceOS – member details can be shared instantly across the system, reducing data entry and the risk of errors. Each product works seamlessly with the other to facilitate straight-through, frictionless processing which automatically creates, manages, executes and reports advice capabilities.

Members can quickly access low-cost, self-directed and personalised advice, with an easy escalation to a human adviser for phone-based or face-to-face advice when needed.

The post Help your members achieve a better retirement appeared first on Midwinter.

Digital advice is set to play a vital role for superannuation funds wanting to engage their growing memberships and steer them toward better retirement outcomes, says Midwinter’s Steve Davison. 

The era of the mega super fund has just begun, and it is quickly re-shaping the value proposition superannuation funds offer their members, including their investment in capability to provide financial help, guidance and advice to more members. 

There are now at least seven super funds that each serve more than 1 million members, and more are likely to be created by mergers over the next 1-2 years. Australian Prudential Regulation Authority deputy chairperson Helen Rowell recently said funds with less than $30 billion in assets will be uncompetitive and should consider merging.  

While that level of minimum assets is debatable, there is no question that large funds will increasingly dominate the industry. Effectively engaging and supporting hundreds of thousands, if not millions of members and representing their best financial interest, is an opportunity for business growth, and more importantly, an opportunity to set more Australians up for a better retirement.  

The future of retirement will likely depend on how these mega-funds communicate, engage and help their growing memberships through digital and hybrid channels.  

Member engagement: the new frontier 

The problem of low member engagement is not new. The Productivity Commission dedicated 48 pages of its 2018 industry report on this issue alone. 

The compulsory, or non-discretionary nature of the superannuation guarantee, combined with a preservation age often decades in the future does little to help people make decisions today that could improve their outcomes later in life. 

The retirement system is also inherently complex, and low levels of financial literacy do not help. This, combined with the perception that professional help – advice – is too expensive for many people, means members will often turn to avenues such as friends and family for help.  

The result is little engagement, which can have material consequences on retirement outcomes.  

Superannuation providers also have a good reason to boost member engagement; to attract and retain members.  

The ‘Your Future, Your Super’ bill passed on 17 June includes several major reforms to the superannuation industry. The introduction of ‘stapling’ and fund performance reporting are additional incentives for change. 

The Retirement Income Review signals the potential for further change. The interaction of the three pillars of the retirement system – superannuation, the pension and assets (including the family home) – would see financial advice shift beyond the scope of the intra-fund advice relied on by many super funds today. 

For funds to prosper, they need engaged members. Better engagement will also help members make better decisions that lead them to a more comfortable retirement. 

Digital is the new normal in a post-COVID world   

Digital services have been playing an increasingly larger role in how organisations do business – now COVID-19 has turbocharged the pace of transformation. 

A McKinsey global survey of executives late last year found companies have accelerated the digitisation of their customer and supply-chain interactions, as well as their internal operations, by three to four years. Meanwhile, the share of digital or digital-enabled products in their portfolios accelerated by seven years. 

“What’s more, respondents expect most of these changes to be long lasting and are already making the kinds of investments that all but ensure they will stick,” the McKinsey report said. 

The rising investment in digital is meeting growing demand from customers. Young digital natives (aged 18 to 34) have grown up online and expect their service providers to offer convenient digital ways to interact.  

Around 92% of young Australians go online to do their banking and other common activities such as shopping or reading, according to research by ACMA.  

Digital use by older Australians is now catching up, with 77% of older Australians using online banking in the six months to June 2020, compared to just 59% three years earlier, according to the same ACMA research. An estimated 15% of those aged 65 and above started using online legal, financial or other professional consultations for the first time. 

However, many older Australians may be less than satisfied with their digital experiences. 

“The majority continue to feel overwhelmed by change in the digital environment, suggesting that increases in the use of technology among this group are potentially the result of the changing, more digitised environment that emerged during the COVID-19 period,” the ACMA research found. “In a sense, older people are engaging with technology out of necessity, rather than choice.” 

It underlines the need for intuitive digital experiences that deliver results. 

Technology set to drive super fund engagement  

Even with the assumption super funds deliver strong investment returns for their members, few people are comfortable with the prospect of retirement. Too many retirees draw down the minimum amount possible from an allocated pension because they fear running out of savings. In reality, many can afford a better retirement lifestyle, according to the government’s Retirement Income Review. 

“People need better information, guidance and good, affordable advice tailored to their needs,” the review found. 

The review quoted research showing that people who do not use a financial adviser at retirement transfer too much of their wealth into cash and similar low-returning assets. This is likely to produce lower retirement incomes, as shown in the graph below. 

How retirees use their savings: with or without advice 

Super funds have an opportunity to offer accessible and affordable advice to plug this gap.  

Currently, many super fund members do not seek face-to-face financial advice. With adviser numbers forecast to fall and scant evidence of productivity gains, the cost of face-to-face advice is unlikely to fall. 

The answer for growing super funds is to provide more financial help through digital advice. 

While there is still much conjecture around the ability to provide digital advice, the technology exists today. Some funds are taking this a step further by integrating advice with their registry and other digital platforms. Midwinter underpins digital advice delivery for several major funds and is now integrating its technology with Bravura Solutions’ Sonata Alta platform to help super funds accelerate their digital transformation initiatives. Digital advice is a key part of that journey. 

The integration of Digital, Advice and Administration platforms enables member journeys to be executed automatically across the front, middle and back office – reducing time, cost and the risk of human error. 

This creates a far more compelling proposition for members. It allows advice to be implemented quickly and accurately and sets the foundation for straight-through-processing. 

For example, the research above shows that an unadvised member retiring is likely to allocate too much of their assets to cash. A fund can target these ‘at risk’ members directly as part of a digital advice campaign because the technology is fully integrated into its systems.  

The member can then go to the fund’s website or app, establish their objectives, provide their personal details, and receive personal digital advice about how they should invest their retirement savings. This advice automatically generates a compliant Statement of Advice.  

Integrated digital advice is also highly customisable by super funds and can start small with intra-funds advice. However, digital journeys should also allow for automated escalations to human advisers based on certain triggers or member needs, and a fund can use the digital advice platform to move between self-directed advice to human supported advice (whether it be face-to-face, phone or video) depending on need, circumstance or preference. 

The recent example of the early super release scheme during the peak of COVID-19 provides a good use case for digital advice. There are plenty of informed views on the scheme and the likely impact for an individual assuming average aggregate or cohort data. However, this is not a substitute for accessible real-time advice at the point of access. Digital advice would enable a member to quickly model the longer-term consequences of withdrawal against an alternative such as paying down a mortgage. 

This new era of technology will transform members’ relationships with, and perception of their super funds, and many of their advice interactions will become as seamless and self-directed as the relationship they have today with internet banking. 

Funds now have ability to licence digital advice technologies to offer their members services that rival the best digital experiences available – not just by rival super funds, but across industries. The reward will be more financially literate, engaged members with better retirement prospects that truly value their super funds as custodians of their retirement savings. 

Steve Davison is the Chief Commercial Officer at Midwinter Financial Services. You can fund out more about Midwinter’s Digital Advice solutions here or by emailing sales@midwinter.com.au. 

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Accessibility of advice has become a key topic of discussion in the industry as the cost of advice rises and the adviser exodus exacerbates supply issues for “mum and dad” consumers.

Midwinter’s Head of Product Ivon Gower recently joined host of The IFA Show Sarah Kendell to discuss how digital advice can help educate and engage lower balance clients to get started on their advice journey.

Ivon looks at the simple ways for advisers to get started on a digital advice strategy and how practices are using digital tools to make the advice process more seamless and engaging for clients. He also unpacks how large institutions are introducing super fund members to the advice process and the learnings that independent practices can take from this.

Click here to listen to the podcast.

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