Toowards Pty Ltd, the web-development subsidiary of SuperRatings, has announced that its Within Super Advice solution is now ready for commercialisation and its first client is scheduled to go live within the next two months. After over 18 months of development, the web-based advice system is going through its final compliance and actuarial testing prior to its launch.
The limited advice model seeks to provide a solution to meet ASIC’s Regulatory Guide 200 (RG200) announced in 2009 and the hurdles faced by superannuation funds and others in providing cost effective limited advice to their membership on a mass scale.
Key Points surrounding the system are as follows:
- System already has commitments from two major funds covering over 1 million Australians
- Has the potential to reduce single issue advice costs by up to 80%
- Can be used by funds, dealer groups and financial planners
- The system can be linked to each fund’s underlying administration platform, thus providing current data
- Pre-populated system resulting in automated Statement of Advice
- Covers single advice issues such as Investment Options; Contributions; Insurance and Retirement
- Adaptable to RG200 or Personal Advice
- Web-based and/or Call Centre based delivery
To read the full release click here