POWERED BY MOMENTUM MEDIA
Super funds in sight of industry disruptors - Bouris
Industry disruptors pose a major threat to to the superannuation industry, according to the chairman of Yellow Brick Road, Mark Bouris.
Addressing the Association of Superannuation Funds of Australia (ASFA) conference in Melbourne, Bouris warned fund trustees and executives that the needed to be alert to the capacity for other parties to steal their relationship with their members.
In doing so, he said that he should not be interpreted as threatening superannuation funds but, rather, warning them of what could happen if they did not remain alert to the threat posed by companies capable of disruption.
Bouris said those companies could be distinguished by the reality that they were small and nimble, dynamic and entrepreneurial with no legacy issues and a capacity to succeed without actually gaining large market share.
"This risk is someone getting between and your members and having a relationship with them," he said.
While claiming not to be a threat, Bouris said that Yellow Brick Road had developed a presence in terms of providing advice with respect to superannuation and said the company would be looking to pursue its interests by seeking a super provider "who is going to look after us".
However he said that while superannuation funds might find themselves the target of industry disruptors, they had the capacity to also be disruptors via the adopting of new approaches and new technology.
Recommended for you
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
Cbus Super has unveiled Advice Essentials Plus, a new service offering affordable financial advice to both members and their partners.
The fund has launched a new tool to help deliver personalised financial education and digital personal advice to eligible members.
The QAR lead reviewer has told a Senate committee that the government’s demands of super funds conflict with their original purpose.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
