Retirement
Aware Super earns adviser-ready fund accreditation under new national framework
Retirement
Aware Super earns adviser-ready fund accreditation under new national framework
In a significant development for the financial advice sector, Aware Super has been awarded the prestigious Adviser-Ready Fund accreditation. This recognition comes under a new national framework developed collaboratively by the Financial Advice Association Australia (FAAA) and Chant West. The accreditation highlights the fund's commitment to enhancing systems and support structures that empower independent financial advisers, ultimately leading to improved outcomes for their shared clients.
Aware Super earns adviser-ready fund accreditation under new national framework
In a significant development for the financial advice sector, Aware Super has been awarded the prestigious Adviser-Ready Fund accreditation. This recognition comes under a new national framework developed collaboratively by the Financial Advice Association Australia (FAAA) and Chant West. The accreditation highlights the fund's commitment to enhancing systems and support structures that empower independent financial advisers, ultimately leading to improved outcomes for their shared clients.
Aware Super is among only three profit-to-member funds to have received this accolade, which evaluates operational capability against 24 adviser-focused criteria. These criteria were crafted with direct input from practising advisers, ensuring they are both practical and relevant. To earn this accreditation, funds must meet at least 16 criteria, which include adviser access to client information, the ability to transact on behalf of clients, advice fee deduction processes, digital authorisations, and dedicated adviser support.
Steve Travis, Aware Super's Group Executive Member Growth, expressed pride in the recognition, stating, "The Adviser Ready Fund accreditation recognises the practical investments we've made to support independent financial advisers – from improving digital access and transaction capability through to providing dedicated adviser support." This statement underscores the fund's dedication to facilitating a seamless experience for advisers and their clients.
The accreditation is a testament to Aware Super's investment in a layered advice model tailored to meet the needs of its 1.2 million members at every stage of their financial journey. Members have access to digital tools, calculators, and educational resources for everyday decision-making. As their financial situations become more complex, personal advice is available. Furthermore, retirement-focused advice and income solutions are provided as members approach or enter retirement.
The fund's adviser-ready systems and dedicated support are designed to optimise the relationship between members and independent financial advisers. Significant enhancements to Aware Super's Adviser Portal played a crucial role in securing the Adviser-Ready accreditation. These enhancements include direct data feeds into Xplan, online adviser registration, digital client authorities, expanded transaction capability, and simplified advice fee deduction processes.
Travis further highlighted the dual recognition Aware Super has achieved, noting, "When combined with the Epic Retirement Tick, it reflects our focus on meeting members where they are in their advice journey, whether they're looking for straightforward guidance or more comprehensive retirement advice, and supporting advisers to deliver that advice efficiently." The Epic Retirement Tick, awarded by the Epic Retirement Institute, makes Aware Super one of only two profit-to-member funds to hold both accreditations.
The fund's commitment to supporting advisers extends beyond digital enhancements. Aware Super provides advisers with access to a national Business Development Manager network and a specialist Adviser Engagement and Support team. This infrastructure is designed to strengthen the alignment between the superannuation and financial advice sectors, ultimately improving access to professional advice and better retirement outcomes for Australians.
The Adviser-Ready Fund accreditation reflects a shared objective within the industry to enhance collaboration between superannuation funds and financial advisers. By fostering this alignment, the accreditation aims to improve access to professional advice, which is crucial for achieving better retirement outcomes for Australians.
As the number of shared clients between Aware Super and independent financial advisers has nearly doubled since June 2024, this accreditation is timely. It not only validates the fund's efforts in enhancing adviser support but also sets a benchmark for other funds to aspire to.
In conclusion, Aware Super's Adviser-Ready Fund accreditation is a significant milestone in the fund's journey to provide comprehensive support to its members and advisers. As the financial landscape continues to evolve, such recognitions play a crucial role in ensuring that members receive the guidance they need to navigate their financial futures effectively.
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