Improve communications to counter bank and SMSF threat
While many pundits have flagged self-managed super funds (SMSFs) as a key threat to industry super funds, Geoff Brooks, executive officer, strategic marketing and communications, for Equipsuper, believes most funds have not yet opted to alter their member communication strategies.
"Yes, we get some leakage to SMSFs but I think there's a few dynamics in the marketplace," he said.
"I think for not-for-profit or profit-for-member type funds, like ours, one of the more pressing concerns is actually the greater activity of the banks.
"Obviously, we've got to respect the level of contact that they have with our members and their distribution," Brooks continued.
"So for me, that's probably of equal, if not greater, concern in the longer term."
However, Brooks was quick to point out that the issue wasn't necessarily one of product features or product flexibility.
"I don't necessarily think that bank wealth management arms and the products they're offering are any better than the industry super funds," he said.
"But what it does is it says to us is that we've got to be on our game in terms of engaging with members.
"We have to ensure that we're delivering the education and advice that they need to make the most out of their super."
Originally published on SMSF Essentials.
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