The group as a whole recorded a net profit after tax of $297 million for the 12 months to 31 December 2014, up 9.4 per cent.
The number of Orange Everyday transaction account customers was up by more than 40 per cent to 270,000.
ING Direct chief executive Vaughn Richtor said that entering the adviser channel with Living Super in 2014 had bolstered the company’s growth.
“Customers have responded to Living Super’s key features of transparency, control and value, and we have had great feedback from advisers about its simplicity,” Mr Richtor said.
“As we further support advisers with full administration and management capabilities through our new Living Super portal, I am confident that our superannuation success will continue.”
ING Direct has also maintained its number one position on ‘net promoter score’ – that is, the number of customers who are likely to recommend the bank to family and friends, Mr Richtor said.
Pretty simple explanation GB.
Unfortunately the unions have been allowed to get away with their misleading and deceptive “industry funds are cheaper than retail funds” advertising.
So ING says, “righto if that’s the way the game is played, then we’ll be even more misleading and hide our fees in a reduced cash return”.
50% of investors are in the Balanced option which has no admin fees and no investment fees. 38% of people are invested in the Cash/TD option with no admin or investment fees. That means only 12% of the super fund generates any revenue. Am i missing something?
Hang on a sec…I thought industry super funds where cheaper than retail funds.