Super and retirement platform MLC Expand has launched a suite of myGov guides to support financial advisers find important client information to help them with their retirement planning strategies.
The guides show advisers how to assist their clients locate important ATO superannuation information in myGov, including their total super balance, concessional contribution cap history, non-concessional contribution information and transfer balance cap details.
The new practitioner tool was developed with the recognition financial advisers are unable to access clients’ myGov accounts directly, but that the information is often essential in developing appropriate tax and retirement strategies for them.
“A simple five-minute check is one of the easiest ways advisers can validate key super information, avoid contribution cap issues and open up more proactive conversations with clients,” MLC Expand sales and adviser success general manager Cable Rickard noted.
MLC hopes the guides will improve efficiencies for overburdened advisers, allowing them to spend more time on delivering quality advice to clients.
“The guides were developed with a clear understanding of how critical myGov information can be in helping financial advisers make appropriate superannuation recommendations,” MLC Expand head of technical services Jenneke Mills explained.
“As advisers cannot access this client data directly, the resources are designed to give clients clear, step-by-step instructions to locate the relevant information and share it with their adviser, helping support more informed advice conversations.”
According to MLC, advisers who start conversations around practical steps, such as checking a client’s super balance, clarifying their transfer balance cap information and confirming their carry-forward concessional contribution capacity, will be best placed to help their clients in the financial year ahead.
It suggested understanding this data assists financial advisers determine what the best superannuation strategies for certain clients may be.
The guides can be accessed via MLC Expand’s Technical Library within the organisation’s Adviser Online portal.
