Key findings of the Investment Trends 2015 Member Engagement Report:
- Supporting self-directed super account services is the future for superannuation fund engagement
- Retirement is coming and funds are starting to get ready to support their members with advice
- AustralianSuper continues to be the best all round fund for member engagement services
- Sunsuper, AMP and QSuper are setting a new standard for member engagement
In its third year, the 2015 Member Engagement Report is an in-depth survey of the services Australian superannuation funds provide their members. The study is based on a survey of 44 of Australia’s largest superannuation funds concluded in December 2015, and identifies key trends in the provision of member services:
Supporting self-directed super account services is the future for superannuation fund engagement
Regulatory change, digital technology, and the renewal of some funds’ boards and executives are shifting superannuation funds from being just custodians of member funds to providers of member super account services.
“The proliferation of self-directed account services on super admin platforms enable funds to use their education and engagement activities to help each member improve their retirement benefits,” said Ian Webster, Technology Analyst at Investment Trends. “Deloitte Digital’s rebuild of QSuper’s online channel with account based self-directed intra-fund advice from Decimal sets a new benchmark for core super account services.”
The success of the Lost Super and Super Rollover campaigns over the past two years has led funds to develop a ‘Grow your super’ approach to individual member engagement with their super account.
“Digital technology is providing funds with the ability to deliver cost effective member engagement strategies with a focus on individual members’ relationship with their fund and their super account,” said Webster.
Retirement is coming and funds are starting to get ready to support their members with advice
Funds are moving from their traditional focus on pre-retirement adequacy advice to the services their members will need at-retirement and post-retirement.
“As increasing number of members reach retirement, funds have a key role to play in the provision of retirement advice, particularly to members whom the adviser focused comprehensive advice model is unable to service,” said Webster. “The differences between retirement and investment advice provide an opportunity for funds to develop a member benefits focused advice model, to be delivered at the time most members will be looking for retirement advice.”
VicSuper, EquipSuper and Australian Catholic Super are among the first funds to introduce a retirement incomes proposition for their members which is supported by new products and an options-based approach to retirement advice.
AustralianSuper continues to be the best all round fund for member engagement services
AustralianSuper continues to rank highly across all aspects of member engagement, and remains the best all round fund for member engagement services. Other industry funds round out the top five funds for member engagement.
The top five superannuation funds by the 2015 Member Engagement Report scores are:
- AustralianSuper
- QSuper
- NGSSuper
- Sunsuper
- HOSTPLUS
Awards for outstanding excellence in superannuation fund member engagement services
Sunsuper, AMP and QSuper are setting a new standard for member engagement.
Sunsuper has the most innovative and accomplished digital and social media member engagement team in financial services. AMP’s attention to service design continues to deliver the standard for member transaction services and QSuper’s rebuild of its member account services has established a new benchmark for all superannuation funds.
The three outstanding superannuation funds for innovation in member services are:
- Sunsuper for member involvement
- AMP Flexible Super for member transactions
- QSuper for member advice services
