Superannuation funds too distracted to educate members

13 March 2012
| By Benjamin Levy |
image
image
expand image

Superannuation funds are failing to focus on member education because they are too distracted by other concerns and are at risk of losing members, according to online financial and superannuation educators Money101.

Industry issues such as superannuation reforms, consecutive negative returns and mergers and acquisitions are taking up too much super fund attention and members were being ignored, according to Money101 chief executive Catherine Birchall.

Years of bad returns were also pushing members to leave their fund and start up their own SMSF, but the superannuation funds were neglecting the concerns of those members to focus on other issues like merger activity and compliance, she said.

Birchall said superannuation funds really needed to push member engagement. She agreed that super funds should also be informing members about what they were actually doing that was keeping them so busy. 

Superannuation funds were exhausted from all the changes in the industry, she added. 

Money101 business development and marketing manager Laure Liger urged superannuation funds to put proper policies in place to deal with legal problems when communicating to members through social media.

Funds had to create clear boundaries between marketing, and providing, advice through social media, Birchall said. 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 3 months ago
Kevin Gorman

Super director remuneration ...

1 year 3 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 3 months ago

Donald Trump’s tariff blitz has shaken global markets, fuelling uncertainty over trade retaliation, recession, and economic fallout, while Australia, though bruised, esca...

1 hour ago

Shadow treasurer Angus Taylor has vowed to slash red tape and introduce a suite of financial services reforms aimed at transforming Australia into a leading financial hub...

1 day ago

Deglobalisation is emerging as a major driver of infrastructure debt opportunities as regions onshore vital industries, a superannuation fund-owned manager has said....

1 day ago

TOP PERFORMING FUNDS