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Trust key to member retention
Members who have changed jobs since joining Equipsuper have scored trust in the fund as the most important factor for the first time to stay with the fund, ahead of investment returns.
The Equip 2016 member survey run by Coredata showed just over a third of 730 members surveyed said trust was the biggest factor for staying, with 27.7 per cent opting for investment returns.
A quarter said quality service was key, while 23.5 per cent opted for low fees.
Equip executive officer, member relationships, Justin Sadler, said the survey showed trust played a vital role during periods of investment volatility.
"These are always trying investment conditions for funds and their members, which is why we are continuing to prioritise development of our financial planning services and a CRM platform to enable closer, more personal and regular connection with members," he said.
On average, Equip members said they would need $920,752 in their super to support their retirement lifestyle but only 46.2 per cent of respondents said they were likely to reach this ‘ideal balance'.
Females were more pessimistic about reaching this goal (56.7 per cent) than males (37.1 per cent).
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