Financial technology provider Provisio Technologies has added a new module to its advisory software that provides accurate retirement income planning and reporting for superannuation funds and financial advisers.
The latest addition to Provisio's rapid advice delivery solution offers a 'living retirement plan' concept aimed at providing a more tangible experience in regards to retirement savings.
The new software models an individual's current scenario with future pension and Centrelink entitlements to create accurate retirement income projections.
It also presents alternatives the client can use to bridge any financial shortfall between expected and desired retirement income.
The retirement adequacy solution has the potential to foster loyalty and break the apathy preventing many members from engaging with their superannuation, Provisio director Cameron O'Sullivan said.
"This technology will keep members constantly informed about what they can expect to retire on, and provide the impetus for them to address any shortfalls between projected and desired retirement income," he said.
O'Sullivan added that the ability to look to the future would deliver a more positive engagement for members than the current focus on fund performance.
"Advisers can take members through constructive 'what if' scenarios based on different strategies," he said.
"It shifts the focus forward to the end goal, which is in everyone's best interest. At the moment, focussing too much on past performance figures is clouding the real long-term benefits of super."
LUCRF Super is the latest industry fund to implement a full desktop rollout of Provisio's software, and will be one of the first funds to roll out the new retirement adequacy module to its broad membership base.
