According to reporting from the Australian Financial Review, AustralianSuper, the country’s largest manager of retirement savings, overseeing approximately $410 billion, is preparing to move into financial advice. The fund has established a new entity, AustralianSuper Advice, secured an Australian Financial Services Licence, and appointed Michelle Levy, the lawyer behind the government’s 2022 review of advice regulation, as a non-executive director.
On the surface, this looks like good news: more Australians gaining access to guidance about their retirement. Look a little closer, however, and it raises important questions about what kind of advice you’re actually receiving, and whose interests it is ultimately serving.
Why is this happening now?
The honest answer is retention.
Industry data cited by the AFR shows AustralianSuper has, for the first time on record, been losing more members than it gains. The shift has been attributed to older, wealthier members moving their savings to platforms offering more tailored advice and support. Meanwhile, funds such as UniSuper, which already provide more developed retirement and advice services, have been attracting members at AustralianSuper’s expense.
Add to that a genuine challenge on the horizon: more than 2.5 million Australians are expected to retire over the next decade, and regulators have repeatedly raised concerns about how well equipped super funds are to guide people through that transition.
AustralianSuper is responding, not by deploying large numbers of one-on-one advisers, but by developing a digital questionnaire-style tool designed to recommend contribution levels, drawdown rates and investment options within the current regulatory framework.
What this doesn’t change
It’s worth being clear-eyed about what’s actually on offer.
Under current rules, super funds still cannot proactively contact members about potentially better-suited options, nor can they consider your broader financial circumstances, including your other assets, family situation, tax position, insurance needs and estate planning objectives, without charging additional fees. A digital tool designed to operate within existing regulations is, by definition, a general guidance solution. It is not personalised advice built around your entire financial life.
That distinction matters more than ever as intergenerational wealth transfer accelerates and more Australians approach retirement with increasingly complex financial circumstances: a business to sell, an inheritance to manage, a blended family to consider, or an investment portfolio that has grown well beyond what a questionnaire can meaningfully assess.
Why independence still matters
This is exactly the gap Heard Financial was built to fill.
We’re independently owned and operated here in South Australia. We’re not shareholder-owned, not tied to a bank, and not incentivised to direct you towards in-house products. When you work with one of our advisers, the strategy we develop is built around your goals, not a fund’s retention targets.
We also provide something industry funds are not structurally designed to deliver: proactive communication, a genuinely comprehensive view of your wealth, and a personalised relationship. We bring together your investments, insurance, tax strategy, superannuation and estate planning to create a coordinated plan, supported by ongoing one-on-one advice that a digital questionnaire was never intended to replace.
The bottom line
More competition in the advice space isn’t a bad thing. In many ways, it’s a sign the industry recognises Australians need more support as they move towards retirement, not less.
However, there is a significant difference between a tool that helps you navigate a limited set of options within a prescribed framework and a trusted adviser who understands your complete financial picture and is free to act solely in your best interests.
If your retirement strategy currently relies on default settings, generic calculators, or advice that hasn’t kept pace with the changes in your life, now may be the right time to start a conversation.
Ready to see what a truly independent, personalised financial plan could look like for your future? Request your free, no-obligation first appointment with a Heard Financial Wealth Manager.
Source: Reporting on AustralianSuper’s advice expansion referenced from the Australian Financial Review.
General advice disclaimer
The information in this article is general in nature and has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information, you should consider whether it is appropriate for your circumstances and seek personal advice from a qualified financial adviser.