Industry funds confirmed as RC winners

Royal Commission roy morgan AMP Limited Asgard BT

9 July 2019
| By Mike |
image
image
expand image

The degree to which industry superannuation funds have emerged as Royal Commission winners has been reinforced by new Roy Morgan research which has confirmed the degree to which they have pulled away from retail funds in terms of member satisfaction.

What is more, AMP Limited funds appear to encounter the worst of the fall-out.

The Roy Morgan research revealed industry funds had out-performed their retail counterparts in terms of satisfaction with their financial performance and satisfaction overall.

The research, undertaken in May, revealed industry funds scored 62.5 per cent with respect to satisfaction with their financial performance, well above that of retail funds which scored 56.5 per cent, with the Roy Morgan analysis stating that this six point lead was up from 1.8 per cent 12 months ago.

The research analysis said that in the six months to May, this year, the average member satisfaction with retail funds decreased by 3.7 per cent and that over the same period, industry funds improved by 0.5 per cent

The analysis said that in May 2019, 10 of the top 12 performing retail and industry funds, based on member satisfaction with their financial performance were industry funds, with the highest rating for Unisuper with 70.9 per cent, followed by Tasplan on 69.6 per cent.

It said the only two retail funds to make it to the top 12 were Macquarie with 66.6 per cent and Mercer on 64.3 per cent.

“The top 12 are by no means a uniform group, ranging from 70.9 per cent member satisfaction down to only 58.2 per cent for Sunsuper,” the analysis said.

The Roy Morgan analysis said the lowest satisfaction for major super funds beyond the 12 best performers were AMP (49.3 per cent), ASGARD (50.9 per cent) and BT (52.2 per cent).

Read more about:

AUTHOR

 

Recommended for you

 

MARKET INSIGHTS

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

Time to Go

I really can't see how getting rid of the safeguards with no other changes achieves anything at all. We're still the ea...

1 day 21 hours ago
Rob

Nowhere else in the world do innocent bystanders have to pay for the losses incurred to investors due to failed business...

2 days ago
Time to Go

Yet everything states profitability is much higher in a larger practice. As a smaller planning practice it is a hard sl...

3 days 17 hours ago

AustralianSuper and Australian Retirement Trust have posted the financial results for the 2022–23 financial year for their combined 5.3 million members....

10 months 1 week ago

A $34 billion fund has come out on top with a 13.3 per cent return in the last 12 months, beating out mega funds like Australian Retirement Trust and Aware Super. ...

9 months 4 weeks ago

The verdict in the class action case against AMP Financial Planning has been delivered in the Federal Court by Justice Moshinsky....

10 months 1 week ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND