Demand propels growth for UniSuper Advice
UniSuper has continued to see significant demand for its specialist advice services, with funds under advice (FUA) reaching a record high of $13 billion.
The Fund runs a unique advice model, employing over 95 financial advisers and general advice consultants nationally providing advice to over 18,000 members across superannuation, insurance and retirement strategies and products.
Jack McCartney, Chief Financial Advice at UniSuper, said the level of demand for UniSuper’s advice offering had grown from $3.5 billion FUA five years ago to $13 billion and increased by close to 14% in the last financial year alone.
“We are thrilled that more and more members are seeing the value in advice. With service and individual outcomes at the forefront, profit-for-member models provide a unique offer that is resonating strongly in the current environment,” Mr McCartney said.
“Members at all life stages are truly seeing the real benefits of specialist and tailored advice, across both their super and non-super related investments.”
The advice offering is allowing UniSuper to more comprehensively support members as they move into retirement.
Growth has also been spurred by record levels of inflows from SMSFs, family take-up of UniSuper’s Personal Accounts offering, and increased access to specialist services via the Fund’s increasing number of dedicated member centres.
“We are on track to continue this growth trajectory over the coming 5 years. As we grow, we are exploring additional avenues to offer face-to-face advice to more members, particularly in regional areas,” Mr McCartney concluded.
In response to the increased demand for advice, the fund has expanded its member centres across the country and now operates 10 UniSuper Centres on-campus. The most recent to open is the Adelaide North Terrace centre, which commenced operation in April. A further 7 member centres have opened at the Fund’s offices around Australia.
The member centres form an important part of UniSuper’s ongoing commitment to service excellence and align with its company mission of delivering greater retirement outcomes for members.
In recognition of the UniSuper Advice offering, the Fund was recently awarded Best Fund, Advice Services at the 2019 Chant West Awards.