Choice drives employer decision-making
Consolidation of superannuation fund accounts driven by the new choice of superannuation fund regime has delivered a net benefit of more than $10 million to Mercer Human Resources Consulting.
Mercer’s country leader for Australia and New Zealand David Anderson told the annual Association of Superannuation Funds of Australia national conference in Melbourne that consolidation was proving to be one of the most significant positives so far to emerge from the new choice regime.
Discussing the importance of administration in the new choice of fund environment, Anderson said that in moving to deal with the new choice regime, superannuation funds were moving further and further into the retail arena.
“A definite convergence is occurring in the market and funds are moving into retail via the services they are offering through their call centres, financial education programs and the provision of financial advice,” he said.
Anderson said that recent Mercer research suggested that the provision of financial advice was something that was being demanded by superannuation fund members.
“In 2005, the biggest unfilled gap with respect to member needs is advice from a financial adviser,” he said. “Many superannuation funds are now moving to fill that gap.”
AUTHOR
Mike Taylor
Recommended for you
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford take a final look at the lay of the land ahead of the federal election as the latest polls predict a Labor victory, and what that could mean for Australians going forward.
In this week’s special edition of Relative Return Insider, we bring you outgoing Financial Services Minister Stephen Jones’ keynote from Momentum Media’s Election 2025 event, followed by a Q&A focused on the Delivering Better Financial Outcomes reforms.
In this week’s episode of Relative Return Unplugged, Dr Vladimir Tyazhelnikov from the University of Sydney’s School of Economics joins the show to break down the shifting sands of global trade dynamics and attempt to understand the way US President Donald Trump is employing tariffs.
In this week’s special episode of Relative Return Unplugged, we present shadow treasurer Angus Taylor’s address at Momentum Media’s Election 2025 event, followed by a Q&A covering the Coalition’s plans for the financial services sector.
