Super funds leverage tech to run ahead of DBFO

The degree to which superannuation funds and technology providers are running ahead of the Government’s roll-out of its Delivering Better Financial Outcomes (DBFO) regime has been underscored by industry fund CareSuper introducing a Direct Investment Option platform for members.

CareSuper has partnered with technology provider FNZ to deliver what it believes is its members desire to have greater choice and more direct involvement in managing their superannuation.

It comes at the same time as AMP Limited has announced further development in its digital advice offer to superannuation fund members.

In a joint announcement, said the partnership with FNZ introduced a unique level of personalisation, catering to individual preferences such as enhanced price alerts, increased flexibility with dividend reinvestment, and more timely allocation and reporting of tax events.

As well, the announcement pointed to additional developments including the integration of Morningstar research to help make investment decisions.

Announcement of the partnership has come at the same time as AMP Limited announced further enhancements to its digital advice solution, giving members 24/7 access to personalised investment and contribution advice.

AMP said the new modules offer personal advice to select the right investment option with members getting a statement of advice and access to phone-based adviser support.

CareSuper and FNZ said the DIO platform leveraged FNZ’s capability in both advised and non-advised wealth management sectors.

FNZ Group Head of Asia Pacific, Middle East and Africa, Anthony Habis said that by combining listed security execution with the firm’s cutting-edge technology and administration platform, it was uniquely positioned to deliver value and capability to CareSuper members.