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Financial advice tops members' superannuation fund wish list
Two in five superannuation fund members want their super fund to offer more advice or improve its financial advice offering, CoreData's Member Engagement Report 2012 has revealed.
In terms of what their fund could do better, access to financial advice was top of mind for 41.2 per cent of respondents, while direct investment options were most important for 27.7 per cent and flexible control of investments garnered interest from 26.2 per cent.
The majority of members (62.3 per cent) also wanted information summaries, with the ability to access detail at their leisure.
CoreData said the survey made it clear that superannuation funds had room to improve satisfaction and engagement in line with an increased desire for financial advice and information.
"While investment performance remains a key driver of member satisfaction, 'other benefits' such as financial advice, seminars and insurance have become an increasingly important driver, reflecting a trend towards control and information," it said.
Just over half of members (50.6 per cent) were disengaged, with 23.4 per cent at least somewhat engaged and 26 per cent highly engaged.
Self-managed super funds (SMSFs) and corporate funds had the highest proportion of engaged members, while SMSFs and public sector funds had the largest number of satisfied members, according to CoreData.
CoreData's survey involved 1030 respondents from Australian super funds across all sectors.
It assessed member satisfaction based on engagement behaviour, engagement attitude, satisfaction and intention, and covered member activity such as additional contributions, length of membership, trust in the fund and intention to stay and recommend.
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Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
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