SMSF customers more satisfied: study
Self-managed super funds (SMSFs) breed more satisfied Australian customers than their industry and retail counterparts, according to a survey.
The super industry received a score of negative 29 per cent (29 per cent more poor marks than positive ones), with the worst performing fund receiving a score of negative 53 per cent, Engaged Marketing's Superannuation Benchmarking Study of more than 3700 fund members found.
In contrast, SMSFs scores a "net promoter score" of negative 5 per cent, with greater control over fund investments marked as a key reason for the comparatively better score.
Almost a third (32 per cent) of SMSF users had moved across after advice from their accountant, it showed.
"What's missing with traditional super funds is the perception of value among members," Engaged Marketing Managing Director Christopher Roberts said.
"Because of the compulsory nature of super, Australians see super funds as essentially offering the same commodity with very little differentiation and low product involvement. This makes it very hard for members of funds to gain a sense of value."
AUTHOR
Staff Writer
Recommended for you
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
Online investment adviser and fund manager Stockspot has introduced Stockspot Super, Australia’s first 'ETF only' superannuation product. superannuation product.
ASIC has called on superannuation funds to improve their oversight of advice fee deductions following an investigation of 10 trustees that found $990 million was charged in one year.
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.
