POWERED BY MOMENTUM MEDIA
Superannuation funds too distracted to educate members
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.
Recommended for you
What is CSC and how does its investment strategy stand out?Commonwealth Superannuation Corporation (CSC) is a reti...
What were the key factors that influenced your fund's performance in 2024, and how did market conditions impact your inv...
APRA has announced eight proposals aimed at pushing entities, including super funds, to move beyond treating compliance with certain requirements as a mere box-ticking exercise.
The firm is offering Australians lower fees and improved transparency with its exclusively exchange-traded fund (ETF) portfolios.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
32.45 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
