POWERED BY MOMENTUM MEDIA
Fund members turned off from TV ads
Superannuation fund members are least enthusiastic about television advertising despite super funds focusing much of their marketing on it.
That's the finding from CoreData's 2014 Member Growth Report, which found members rank TV advertising as second last in terms of preferred super communication, with sponsorship for sporting teams or entertainment events coming in last. Television advertising scored 1.1 out of 10.
Members most commonly said (51.2 per cent) they have seen super fund communications and marketing through TV advertising in the past 12 months.
"Splashing your brand on the TV might be cutting through to members in terms of awareness but it is not an engaging communication tool for members, who would much prefer to hear from their fund via e-mail," head of financial services at CoreData Kristen Turnbull said.
Turnbull also suggested funds should provide economic and investment commentary on the news like banks, with 65.1 per cent of the respondents preferring this method.
Meanwhile, retail fund members are most likely to switch (64.8 per cent), while self-managed super fund members are least likely to switch (38.1 per cent). This means retail members are least likely to be happy with their fund (52.1 per cent).
Members rated robust investment returns and low fees as the top drivers to join a fund, with a score of 9.4 and 8.4 out of 10 respectively.
Also, 65.6 per cent of the 858 respondents in APRA-regulated funds said they would not be comfortable with any merger activity in their fund.
Recommended for you
The Federal Court has ordered AustralianSuper to pay $27 million for failures to address multiple member accounts.
The country’s fourth-largest fund is targeting the “missing middle” of members with a new digital advice service in partnership with Ignition Advice.
The prudential regulator confirmed it is considering BUSSQ’s Federal Court appeal.
The Albanese government has put forward a bold proposal to tackle the challenges of Australia’s swelling retirement pool, in an effort to allow superannuation funds to play a more active role in shaping members’ retirement outcomes.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.78 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
30.80 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
28.31 3 y p.a(%)
