SMSFs lead financial satisfaction
Self-managed super funds (SMSFs) have the most satisfaction with financial performance, according to findings by Roy Morgan Research.
In the six months to January 2015, SMSFs scored a satisfaction rating of 77.3 per cent compared to industry funds with 59 per cent, and retail funds on 56.3 per cent.
However, SMSFs had marginally lower improvement over the last 12 months despite maintaining their clear lead over major super funds since the survey began in 2002.
SMSFs have the highest satisfaction for all balances over $5,000, but only have a narrow lead in the $700,000 and over market with a satisfaction level of 82.8 per cent, followed by industry funds at 79.6 per cent, and retail funds at 76.5 per cent.
"The most successful major brands in the $100,000 plus market, where over 80 per cent of balances are held, are industry funds with most of the large retail funds generally lagging well behind," Roy Morgan industry communications director, Norman Morris, said.
"The challenge now for the big retail funds is how to raise the satisfaction level of the higher value customers to avoid a potential loss of funds."
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