Corporate - Acorn Financial Group

Corporate Superannuation

It is an unfortunate fact that most product providers struggle with administration and the ability to maintain a stable and experienced workforce.

Acorn Financial Group provides a “buffer” between the employer and the product provider. This greater level of quality control reduces frustration and is essential in providing feedback to the policy committee, the employer and to the product provider.

It is not adequate for an employer just to pay contributions into a superannuation plan. Members today are more informed and more involved in their superannuation and as such seek greater levels of communication and access to education.

Impartial Advice

This is required at three levels:

1. Management - To assist the management team with the current complexities and ongoing changes occurring within Superannuation, and to assist in the use of Superannuation as a genuine employee benefit.

To assist management to create an opportunity from what is otherwise just an obligation.
To assist in identifying and managing areas of risk in the provision of employee benefits. This is an area often forgotten – especially relevant with the ever increasing concentration by authorities on provision of ‘advice’ and the regulators desire to protect Superannuation assets.

Advice includes items such as:

Plan design features and product selection that will assist the employer to gain and retain quality staff. This is achieved through options such as packaging, golden handcuffs, tax effective strategies and target accumulation arrangements.
General and industry specific comparisons of company staff benefit programs.
Regular Superannuation review meetings with management to discuss the plan from a business perspective.
Simplification of administration, HR and payroll functions, and contribution procedures. Provision of services such as claims management, exit counselling etc. The aim is to set up controls to avoid risk and reduce cost to the employer.
Plan review: under the ‘ideal model’ having to undergo a full plan review is rare – it is more a case of ongoing control and adjustment.

2. Trustees or Policy Committee - In setting plan design, default investments and insurance covers, and assisting with member communication:

Advice includes items such as:

The correct formation of the committee, provision of operating rules, agendas and minutes.
Regular briefings to keep up to date with legislation and changes / opportunities for the plan. Maintain the committees desired level of Superannuation education / expertise.
Setting and continually reviewing the plans investment and insurance design and default settings.
Review the performance of the product provider against its peers.
Work with the Policy Committee and management to make best use of the Superannuation plan as a benefit to staff. Coupled with the correct setting of investment and insurance defaults, communication and member education are the most important responsibilities of the committee.
Attendance at all policy committee meetings.

3. Members - To assist in the understanding of individual investment and insurance choice and to ensure members get best value from an appreciated staff benefit.

Advice includes items such as:

Member investment choice meetings. These include a basic overview of overall financial planning/budgeting etc, in addition to detailed assistance in understanding the options within the staff plan.
One on one interviews for selected staff. Most often this will include older or more senior staff, or those for whom additional contributions are being made. It is essential that plan members know where their program is taking them - it is unlikely that members have this knowledge and it is this service that will set the plan apart from others.
Assist the members with amalgamation of existing accounts.
Assisting members who are joining or leaving the plan.
Identify and refer to external specialists those requiring specialist financial planning assistance.