Sunsuper has officially launched its adviser data feeds service, in a move hailed as “game-changing” by both the superannuation fund and independent financial advisers.
The technology makes the process for registered advisers to access up-to-date and accurate superannuation information in their clients’ portfolios, directly from within Iress’ Xplan software, simple and easy.
Data is provided, by the member’s explicit and informed consent, via daily data feeds to their registered financial adviser.
Sunsuper’s Head of Advice and Retirement, Anne Fuchs, said it is a highly technical project.
“At Sunsuper, we know the value of advice and the role external advisers play in driving member outcomes, which is why we invested in working with Iress to activate data feeds,” Ms Fuchs said.
“This project creates an efficient and digital service for advisers to have up-to-date information on their clients – our members – so they can provide them with the financial advice they need for an optimal retirement.
“It has the potential to translate to more Australians saving thousands of dollars a year in fees because their adviser recommended Sunsuper over a retail fund, as more advisers find it easier to work with Sunsuper.”
Fox Wealth Advisory principal adviser Jane Ryan said Sunsuper’s adviser data feeds really are “a game-changer”.
“Particularly at client annual review time, it really cuts out a whole section out of our process as a result of having timely information on their superannuation,” Ms Ryan said.
“It makes my team work far more productively and that’s important.
“We now have some really up-to-date information that we can translate into the interactive documents for our clients.
“I’m really pleased that, as an industry fund, Sunsuper has acknowledged the importance of it and put it into play.
“It means that Sunsuper is now on a level playing field with all of the retail funds,” she said.
Sunsuper worked with technology company Iress to develop the integration.
Iress Managing Director of Wealth and Super, Tizzy Vigilante, said superannuation is often the single largest line item in an investor’s portfolio.
“Accessing timely member data to provide advisers with a total view of their clients’ wealth position is often quite manual and time-consuming,” Ms Vigilante said.
“We’re delighted to partner with Sunsuper on this integration.”
Sunsuper is the profit-for-members superannuation fund of choice for more than 1.4 million Australians with more than $90b in funds under management. In March 2021, Sunsuper and QSuper signed a Heads of Agreement to merge and create a $200 billion superannuation fund with two million members and open to all Australians. The merger remains subject to a range of conditions, including regulatory and legislative, and final Board approvals.