SMSF satisfaction at the pack
Self-managed super funds (SMSFs) are the clear winners when it comes to satisfaction with the financial performance of superannuation, Roy Morgan research showed.
The ‘Superannuation Satisfaction' report showed satisfaction SMSFs in May 2014 stood at 75.6 per cent, up 3.2 percentage points from last year.
Retail funds, however, have recovered ground, with its satisfaction rate rising from 44.6 per cent in May 2013 to 53.7 per cent in May 2014.
Industry funds rose from 49.4 per cent to 55.8 per cent over the same period.
"The ease of switching super funds and the increase in people using SMSFs mean that the retail sector will increasingly rely on their adviser network and advice to retain customers," Roy Morgan research communications director Norman Morris said.
"It appears that satisfaction with superannuation has a lot to do with the amount in super and the consequential level of engagement."
SMSFs with balances over $250,000 scored a satisfaction rate of 78.3 per cent, while industry funds scored 71.4 per cent and retail funds were at 66.4 per cent.
Overall satisfaction with super in the six months to May was 55.1 per cent, up 7.2 percentage points since May 2013.
Among retail funds, ASGARD came out on top with a satisfaction rate of 59.9 per cent, with Colonial First State at 57.3 per cent. BT and MLC tied at 55.9 per cent.
Among industry funds, ESSSuper finished first at 74.4 per cent, while Catholic Super came second at 64.3 per cent.
AustralianSuper scored 57.2 per cent.
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