Industry funds attract advice specialists
Industry superannuation funds are increasingly attracting the attention of retail advice professionals seeking their next career move, a recruitment specialist working in the sector said on Friday.
Speaking to financialobserver, Profusion director Alison Loader said that over the past few years, industry super funds had grown in popularity among both senior executives and advisers who had worked in the retail space but were looking to change roles.
“I think that industry funds have become a much more attractive place for people with retail backgrounds than perhaps they were a few years ago,” she said.
“A lot of that has to do with the evolution of industry funds and their thinking in terms of what they’re [now] offering from an advice perspective.”
The way industry funds were engaging their members and charging them for advice had come a long way, especially over the last five years, Loader said.
“Where the industry funds are now in comparison to where they were five years ago, I think they’re in quite different places,” she said.
“And if you look at who’s running a lot of the advice arms of the industry funds, a lot of them do have retail backgrounds, which I don’t think you would have seen five years ago.” Further, Loader said that many financial services businesses had recently fleshed out their digital advice capabilities in order to support a customer-centric focus.
“[A lot of groups are] asking, ‘what does the customer want and how do they want to engage with us?’” she said.
“I think a lot of what we’re seeing in the digital space and what we’re seeing online have come out of that. “[The financial services sector] is putting the customer in the centre.”
The transition to digital, which was gaining traction within the industry, had also resulted in a rethink of what advice businesses needed to provide to support this, Loader said.
“[These businesses are asking] ‘how do I meet my customers’ need so they become more entangled and engaged with us?’,” she said.
“If you’re talking about engaging people using technology as opposed to on a face-to-face basis, it’s going to change the offering [advice businesses provide].”