Satisfaction with super products plunges
Satisfaction with the performance of superannuation products obtained through financial planners has plunged in the last 18 months, according to a report by Roy Morgan Research.
Only 46.8 per cent of respondents were satisfied with the performance of super products obtained through financial planners in June 2009, down from 70.1 per cent at the end of 2007. The satisfaction level for perceived independent financial planners fell from 71.7 per cent to 47.5 per cent.
The satisfaction level for super products obtained from affiliated financial planners fell from 69.1 per cent to 46.3 per cent.
All three ratings are below the current overall satisfaction level for super products, which is sitting at 47.7 per cent, down more than 15 percentage points over the last 18 months. Satisfaction with super products reached a high of 62.8 per cent in December 2007.
The satisfaction level for super products obtained directly from a financial institution fell 21.6 percentage points to 49.5 per cent from December 2007 to June 2009.
“These results appear to show that not only has the financial performance of all superannuation products been unsatisfactory over the last 12 months, but that products obtained through financial planners … have particularly disappointed investors with their financial performance,” said Roy Morgan spokesman Norman Morris.
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