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
In this new episode of The Manager Mix, host Laura Dew speaks to Nick Paul, institutional portfolio manager at MFS Investment Management to delve into everything small and mid-cap equities.
In this episode of Relative Return, host Laura Dew chats with Kellie Wood, head of fixed income and deputy head of fixed income and multi-asset at Schroders Australia, to discuss why fixed income is returning to favour after a 12-year wait.
In this episode of Relative Return, host Laura Dew speaks with Michael Hunstad, deputy chief investment officer and chief investment officer of global equities at Northern Trust Asset Management, to debunk myths around index investing.
In this episode of Relative Return, host Maja Garaca Djurdjevic chats with Robin Tsui, APAC gold strategist at State Street Global Advisors, to discuss gold’s role as a diversifier in portfolios.
