Iress announces full launch of digital advice tool built for super providers

Iress has announced the full launch of its dedicated digital advice and finance education tool built for super funds and complementary advice providers to address the widening unmet advice gap.  

The capability, unveiled last week by partner Hostplus, promises “a suite of self-guided, intuitive and affordable financial planning tools for members with simple advice needs”, as well as a range of content to improve financial literacy.

Among the in-built capabilities include support for financial life journeys, including retirement adequacy, insurance needs or savings goals, as well as educational content to help members understand, and navigate, their financial well-being.

The customisable tool is available as a standalone, ‘out of the box’ solution or can be tailored as a fully bespoke design and build API service, paired with advice provided by financial advisers within a super fund “for more complex advice requirements”, Iress notes.

Iress’s proprietary release of its digital advice function follows hot on the tails of its distribution partner Hostplus, which last week announced that it had deployed the tool, for its members. The tool leverages capabilities with Iress’s popular advice platform, Xplan.

Iress’ executive general manager of wealth, Kelli Willmer, acknowledged the increasing need for advice solutions for the estimated 11.8 million Australians with unmet advice needs, with super funds seen as the ideal conduit for delivering this advice.

“Research shows advice demand is outstripping supply. There are millions of Australians with unmet advice needs, exacerbated by the decline in adviser numbers over recent years.

“Clearly, there’s both a need and an opportunity for superannuation funds and other industry players to step into this challenge by leveraging technology and data to cater to the millions of Australians with simpler advice needs or a desire for a more self-service approach.”

Willmer added: “We are continuing to build on our leading suite of advice tools to support the industry to bring more advice to more Australians.