Jodie Hampshire, Managing Director, Australia at Russell Investments comments on the benefits of a scaled advice solution for consumers.
"We see two key areas of advice being critical to the financial security of Australians:
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- A simple scaled advice solution, largely embedded within superannuation. Allowing large numbers of members to look at their super and provide additional personal information to get a personalised investment strategy. That is appropriate for their current circumstances and achieving future goals. A compelling member engagement experience is essential to encourage Australians to engage with their super and take proactive steps. Integrating that via technology will be a core foundation of our advice model in Australia.
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- To compliment a scaled advice solution, we see it working in conjunction with comprehensive holistic advice. When a more personal relationship and the needs of an individual exceeds what a scaled advice solution can offer full-service advice will be critical for those individuals seeking greater support to build their wealth and achieve their goals. We need stakeholders to come together and close the current gaps between compliance obligations, the commercial viability and ultimately the client experience of delivering quality comprehensive advice.
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Through mass personalised advice solutions and a robust comprehensive personal advice industry - we believe that both these forms of quality advice will be at the centre of an individual’s engagement with their super and personal wealth."
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OPINION PIECE - by Jodie Hampshire, Managing Director, Australia for Russell Investments
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