Industry super funds more satisfying than retail

Satisfaction with industry superannuation was higher than with retail funds over the last three months, according to Roy Morgan’s November Superannuation Satisfaction Report.

The report, which covered 30,000 super fund members per annum, found that satisfaction with industry funds was at 59.2 per cent, as compared to retail funds at 57.5 per cent.

This was the third month in a row that industry fund satisfaction had outperformed that of retail funds, after the opposite trend occurring for the seven months prior.

Related News:

Satisfaction with self-managed superannuation funds (SMSFs) was highest of all at 71.9 per cent, despite being down by 2.4 per cent over the last year.

In the six months to November 2017 SMSFs had the highest satisfaction for funds with balances of $700,000 and over at 83.0 per cent, while industry funds led satisfaction in the $100,000 - $699,999 bracket at 75.3 per cent.

Retail funds were the most satisfying only for members with balances under $5,000.

Satisfaction with superannuation funds’ financial performance in the six months to November 2017

Norman Morris, Roy Morgan industry communications director warned that super fund members should not be influenced by short term fluctuations in fund performance though, as superannuation is a long-term investment.

“This fact is highlighted in the research which shows that the fifteen largest funds measured for movements in satisfaction over the last year, nine showed an improvement and six showed a decline,” Morris said.

“We have seen over the years that these movements are often reversed, making the chasing of short term winners rather precarious.”




Related Content

Industry super funds more satisfying than retail

Satisfaction with industry superannuation was higher than with retail funds over the last three months, according to Roy Morgan’s November Superannu...more

Do planners pose a risk to industry funds?

Despite their long-term potential in terms of member demographics, industry funds have cause to be concerned about the potential for members to lured ...more

Industry super funds more satisfying than retail

Satisfaction with industry superannuation was higher than with retail funds over the last three months, according to Roy Morgan’s November Superannu...more

Author

Comments

Comments

Oh no not again! Those pesky industry super funds doing the retail funds again.

*Yawn* Come on Hedware, you can do better than that. They're not paying you for low effort trash comments like this!

Hi Matt - so easy - no effort needed - wonder what the retail funds stooge Dwyer will do about this win by the industry funds.

Comrade Hedware, how's your socialist corrupt union backed agenda travelling these days? I see your comments less often thankfully, but within a second of reading your diatribe, I know it's you without looking at the name.

Must be lonely out there as a true believer, now that the 'Rivers of Gold' report is circulating in the public domain. I know for clients that I speak with, it certainly helps make their mind up, especially when over 90% of them aren't even members of a union nowadays...

Considering how much industry funds waste on prime time advertising and sponsorships, this is actually a pretty bad result. Perhaps it would be in their members best interests to stop the excessive spending and return the profit to their members, in line with their promise.

Maybe but think of all those fat fees going into the pockets of those retail funds advisors. Despite being paid high salaries, they still don't beat the market. Perhaps it would be in their members' best interests to stop the excessive remuneration and return the profit to their members, in line with their promises. I mean the promises that the retail funds advertise all the time.
The retail funds advertise as much as the industry funds, they take more fees than overseas counterparts, and their performance doesn't match what they are paying themselves. They make it so easy for the industry funds to outperform them.

A 5 line comment, well done Hedware! That must be worth, what, at least $0.25? Good to see those industry fund member fees being put to good use! Online Industry Fund Shill must be a dream job.

You are living in the past, and also generalise way too much, one member with a industry fund cant be compared with an advised client with a wholesale offering offering total cash flow planning and optimisation for example. I also note the industry funds have low score with those under $5000 balances, which makes up 80% of thier actual accounts. No wonder with the outrageous admin and trustee fees they charge.

industry super funds are usually filled with low balance members in there 20's that simply don't care. So it's only natural they are happy. It's a bit like asking the citizens of North Korea if they are happy. You don't know what you're missing out on. It's not until you get into your 40's and realize they lost the cheques that you move.. .... to a proper fund. These industry super funds should also be banned from outsourcing admin to poor European countries, like Latvia etc.

Add new comment