The Roy Morgan Research Superannuation Satisfaction report found the satisfaction level of industry super fund members was 50.8 per cent, while the figure for retail superannuation funds was 45.5 per cent.
The gap had diverged significantly since around 2007, with the sectors fairly close prior to that. SMSFs were well ahead of both sectors at a rating of 71.6 per cent.
Norman Morris, industry communications director at Roy Morgan, said the retail sector would increasingly have to depend on its adviser network to retain customers due to the ease of switching super funds and the increased rate of people using SMSFs.
“The relatively poor long-term performance of the retail funds, however, is of concern, as there is a very clear fiduciary responsibility for financial planners to act in the best interests of their clients, and yet financial planners are more likely to direct their clients to retail funds,” said Mr Morris.
The report is based on interviews with 50,000 people per year, 30,000 of whom have superannuation, for 10 years.
Level playing field, that is interesting. Compare apples with apples. No advice (ISN)with no advice (Wholesale). Who would know what the returnes are. With the likes of Mr Bracks, Shorten etc, etc running the show. What people still dont listen, even they are being told it is all good for you. I cant belive people wouldnt believe the calabre of Bracks, Shorten, Thompson, Williamson etc.
I think we should have a vote by patients on how well the prescribed drugs worked by their doctor and how much that impacted on their recovery.
Their uneducated and uninformed responses could change the course of medical research an innovation.
Can we have a serious debate please?
Who writes this rubbish. If you desire an outcome in your favour just ask the right questions. I reckon I could get 100% DISSATISFACTION with ISN if I asked questions that related to undisclosed fees, Union payments, Alternative?? investments Asset classes, creative reporting of returns, related party investments, Union hack management. How am I doing? Still feel good about ISN Mr prospective Client? Nah..Well what a surprise. Tick!…… Next!
I’m a little confused. 50,000 people per year but only 30,000 of them have superannuation. What exactly are the other 20,000 people providing a satisfaction rating on?
Satisfied, until they need to make a disability insurance claim…. What are the stats there, i.e.
– what loss does the client face vs service provided via retail advisers?
– what is the turnaround on the claim being paid (without an adviser)?
– what is the satisfaction on the service provided (via the call centre)?
Geez LPF, interesting ‘logic’…i’m glad your not my business development mgr!!
They must be very satisfied, as most who walk through my door have between three and six industry funds in various states of “un-advice!” Perhaps we could now have some research on which particular industry funds they are most satisfied with to make the job of consolidation a satisfaction formality and save on all that nasty research and unnecessary Statements of Advice we seem to be wasting our time with.
Industry funds have been clear winners in returns and virtually zero fees so why are only half their members satisfied? What more do they want? Must be frustrating for the ISN leaders to be appreciated by only half of their members.
Based on these results, the spin is being won by retail funds – high fees, inferior returns but only slighly behind in satisfaction.
Well, well well, 50k customers interviewed, 30k owning the product, over 10 yrs!
Penultimate paragraph says it all.
Now time to sit back and enjoy all the usual suspects attempting to link this research from one of Australia most reputed research company’s to the ‘evil empire’ of ISN/ISA.
let the spin commence!