Heron launches super ratings system
AMP Signature Super and Sunsuper Personal have emerged at the top of the list in the Heron Quality Star Ratings launched last week.
The new ratings system sees Heron expand its long-standing product assessment process aimed at financial advisers into a fully-fledged ratings service, which will assess Australia’s major superannuation funds twice a year.
Heron Partnership managing director Christopher Butler said he believed the new ratings system was precise because it assessed the funds against around 150 benchmarks.
He said the primary goal of the ratings was to provide a realistic and objective representation of the strengths and weaknesses of a product, with the ratings based on feature-specific benchmarks.
“Unlike some other rating systems, there is no limit to the number of products that can receive a five star rating,” Butler said.
The ratings revealed 17 corporate superannuation products had gained a five star rating from Heron, while 22 industry fund products had gained a five star rating, with AMP Signature Super leading in the corporate fund arena.
Sunsuper Personal emerged top of the class with respect to retail offerings.
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