Advice analysis driving deeper member engagement

Project Description

Done well, quality financial planning can help an individual take control of their financial wellbeing, helping to promote good financial decision making and achieve personal goals.

For superannuation funds, financial advisory services provide a potentially deep and rich pathway to connect more intimately with fund members, driving better engagement levels and member loyalty to the fund.

But getting the right mix of advice services, and investment in supporting infrastructure, can lead to some multi-faceted decision making.

This is why a successful public sector superannuation fund sought Rice Warner’s consulting services to review its financial advice services model. 

The fund sought to determine the level of current and future resourcing required across various advice channels to ensure they could deliver effective and efficient advice to members.

Our Response

Rice Warner delivered independent modelling, advice and recommendations.

We provided an overview of current advice models in use by cohort superannuation funds as a guide. It helped to set a benchmark for best practice – against which our client could measure its operations and consider future options.

Extensive modelling of the fund’s membership was undertaken. This included the propensity for different member segments to seek advice, the type of advice likely to be sought and the best channel (for example telephone access, online, face-to-face). 

This enabled Rice Warner to recommend the level of resourcing required across the advice channels, also taking into account the projected growth of the fund.

Outcome

Our research and recommendations were adopted by the Board, supporting the business case to increase resources to the in-house advice team, in order to meet current and projected demand for financial advice by members.

“the work was done really well and timely, and I again thank Rice Warner” – Executive Manager, Financial Planning