In the fight to engage and retain members, superannuation funds may deploy a number of strategies. But financial advice, a core offering for funds to service and engage fund members, remains under-developed. Rice Warner senior consultant Salvador Saiz has surveyed Australia’s 45 largest superannuation funds looking at opportunities to better incorporate financial advice offerings and to deepen relationships between a fund and its members.
Quality, appropriate and engaging financial advice is looming as one of the most crucial and necessary requirements for Australia’s largest superannuation funds. Once funds have established an efficient advice model, they must do more to communicate the existence of their offer and value to their member constituents.
Rice Warner’s recent survey of Australia’s 45 largest superannuation funds, by funds under management, shows that a majority of funds would benefit from reviewing their advice offering as part of a broader member engagement/retention analysis.
Some key findings of our report “Financial advice within Superannuation” include:
– Fund members have low awareness and low use of advice services within superannuation funds.
– A significant number of superannuation funds are now focusing on financial advice as a key member engagement and retention tool.
– So, superannuation funds are reviewing advice models and seeking guidance on how best to structure and deliver that advice to members.
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