Choice drives employer decision-making
Consolidation of superannuation fund accounts driven by the new choice of superannuation fund regime has delivered a net benefit of more than $10 million to Mercer Human Resources Consulting.
Mercer’s country leader for Australia and New Zealand David Anderson told the annual Association of Superannuation Funds of Australia national conference in Melbourne that consolidation was proving to be one of the most significant positives so far to emerge from the new choice regime.
Discussing the importance of administration in the new choice of fund environment, Anderson said that in moving to deal with the new choice regime, superannuation funds were moving further and further into the retail arena.
“A definite convergence is occurring in the market and funds are moving into retail via the services they are offering through their call centres, financial education programs and the provision of financial advice,” he said.
Anderson said that recent Mercer research suggested that the provision of financial advice was something that was being demanded by superannuation fund members.
“In 2005, the biggest unfilled gap with respect to member needs is advice from a financial adviser,” he said. “Many superannuation funds are now moving to fill that gap.”
AUTHOR
Mike Taylor
Recommended for you
The emergence of DeepSeek, a Chinese artificial intelligence (AI) start-up that claims to have built an advanced large language model in just two months for under US$6 million, sent shockwaves through the AI world and cratered US tech stocks.
Donald Trump’s presidency has already begun reshaping the corporate and political landscape in the US, with executive orders rolling back diversity, equity, and inclusion (DEI) initiatives and clean energy efforts.
In this episode of Relative Return Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford are joined by AMP chief economist Shane Oliver to take a look at what can be learned from 2024 as attention turns to what markets will do in the new year.
Join us for a special episode of Relative Return Unplugged as hosts Maja Garaca Djurdjevic and Keith Ford are joined by shadow financial services minister Luke Howarth to discuss the Coalition’s goals for financial advice.
