Satisfaction with performance of industry and retail funds continues to fall

Satisfaction with the financial performance of industry and retail super funds has continued to fall, after falling as the Financial Services Royal Commission turned its attention to superannuation.

According to the latest Roy Morgan figures, 61.8% of industry fund members as satisfied with the financial performance of their fund, compared to 58.2% of retail funds. This is down 0.3% for industry funds compared to August 2018 and down 1.0% for retail funds. Though compared to a year earlier industry funds are up 2.7% and retail funds up 1.3%.

Satisfaction with super fund falls while Royal Commission looking at sector

Consumer satisfaction with the financial performance of their super funds has fallen at the same time as the Banking Royal Commission was holding hearings into the sector.

Comparing statistics released by Roy Morgan Research for August 2018 to figures for June 2018 finds there was generally a fall in consumer satisfaction with the performance of their funds, particularly for people with larger balances, over the period. The Banking Royal Commission held its first public hearing in March 2018, but held the hearings into superannuation in August. Read more...

Satisfaction with industry fund performance grows in 2017/18

Industry super funds have seen strong growth in consumer satisfaction, according to statistics compiled by Roy Morgan.

Industry super funds saw improved consumer satisfaction with their financial performance in the 12 months to June 2018, the statistics show. The highest satisfaction growth was for super balances of $700,000 or more, which improved by 9.5% to 87.5%. For balances between $5,000 and $699,999 satisfaction improved by between 3.1% and 5.0%.

The only balance sector where retail funds outperform industry funds was for balances under $5,000 – 60.1% (up 10.9%) for retail to 48.1% (up 0.8%) for industry funds.. Though this sector represents only 0.1% of all superannuation balances. Read more...

Industry super funds maintain satisfaction lead over retail funds

Industry superannuation funds have maintained their lead over retail super funds in terms of consumer satisfaction with their financial performance, according to the latest figures.

Roy Morgan Research found 61.2% satisfaction for industry funds in February 2018, compared to 59.2% for retail funds. Industry funds held the lead for most of the history of the Roy Morgan survey, though retail funds did have a lead briefly in 2017. Though SMSFs had higher satisfaction than either retail or industry funds, at 73.5%. Read more...

Retail super funds lose satisfaction lead over industry funds

Retail superannuation funds have lost their, recently gained, consumer satisfaction lead over industry super funds.

Roy Morgan Research has found that consumer satisfaction with the financial performance of industry super funds in November 2017 was 59.2%, compared to 57.5% for retail funds. Retail funds have lead on satisfaction since the March 2017 survey. Prior to this industry fund were ahead since the survey started in March 2003.

SMSFs remain far head of either industry or retail funds, with 71.9% satisfaction. Roy Morgan Research suggests this is a result of SMSFs operating with larger balances, with larger balances have higher satisfaction across all fund types. Industry fund have higher satisfaction for balances between $100,000 and $699,999. Only in balances under $5,000 do retail funds outperform industry funds. Read more...

Retail super funds maintain new-found consumer satisfaction lead

Retail super funds have kept a lead in terms of consumer satisfaction compared to industry super funds, after lagging behind for over a decade.

Roy Morgan Research found that in July 2017 satisfaction with retail super funds was at 58.7%, compared to 58.2% for industry funds. This follows from the March 2017 survey, which also found retail funds had slightly higher satisfaction that retail funds. Prior to this industry super funds had been in the lead since the survey started in March 2003.

Though individual industry super funds still have higher satisfaction, with no retail super fund in the top five funds ranked by satisfaction with financial performance. Read more...

Retail super funds now have higher satisfaction than industry funds

Retail superannuation funds now have higher consumer satisfaction than industry super funds, for the first time in over a decade.

Satisfaction with retail super funds was at 60.0% in March 2017 (up 3.0%), compared to 57.3% for industry super funds (down 3.2%), according to a Roy Morgan Research survey. Industry super funds had maintained a satisfaction lead over retail funds since at least March 2003 – when the survey was first conducted.

Roy Morgan Research suggested the change in may be due to investment performance. Read more...

Only 18.5% of super fund members ‘very satisfied’ with their fund

Only 18.5% of super fund members are ‘very satisfied’ with their fund, down from 19.0% a year earlier, according to the latest satisfaction survey by Roy Morgan Research.

In the six months to November 2016 industry funds maintained their satisfaction lead compared to retail funds – 59.2% to 56.7%. Though both fell compared to 12 months earlier, down 1.2% and 1.4% respectively. However industry funds only score 17.7% for ‘very satisfied’ and 16% for retail funds.

This contrasts to the 74.3%, up 1.7%, satisfaction for SMSFs and 69.8%, up 1.8%, for public-sector super funds. These types of funds also have much higher ‘very satisfied’ members – at 32.7% and 28.5% respectively. Read more...

SMSF members satisfied with their fund due to control and performance

Three quarters of SMSF members say they are satisfied with their fund, according to the second annual SMSF Insights survey published by the Financial Services Council and UBS Asset Management.

Asked why they had this positive view of their fund 28% nominated ‘more control’ and 28% said it was good investment returns.

“Achieving greater control and choice of investments remains the key driver for setting up an SMSF – and a source of satisfaction among those who have made the switch,” said Bryce Doherty, head of UBS Asset Management in Australia and New Zealand. Read more...