The Commonwealth Bank of Australia (CBA)/Colonial Group has emerged as the strongest brand in the superannuation industry, according to the latest Roy Morgan Research Superannuation Choice Report released this week.
Roy Morgan Research has developed a new methodology for assessing and comparing retail fund managers and industry funds, and using this new ranking system it has determined that the CBA/Colonial brand has emerged as the strongest when compared to its peer group.
It said CBA/Colonial has shown strength across areas including satisfaction with the financial performance of superannuation products, the proportion of its superannuation customer base with more than $100,000 in superannuation savings and in customer switching when taken as a proportion of its customer base.
While CBA/Colonial was at the top of the Morgan table, it was followed by AXA, NAB/MLC Group, AMP Group, ING Group, Industry Funds and then Westpac BT Group.
Another important finding to emerge from the latest Roy Morgan data is that industry funds are no longer the greatest beneficiaries with respect to superannuation fund switching.
It said that during the 12 months to September, last year, industry funds had for the first time reported a negative net share of superannuation switching behaviour.
The survey data concluded that the best performers during the same period were Suncorp and CBA/Colonial, which each recorded a 1.1 per cent increase in their net share of switching gains.