Big spending super funds virtually unrecognised
Superannuation funds are spending hundreds of thousands of dollars of members' money on advertising campaigns that are gaining little traction in the market, according to new research.
Despite some funds spending a significantly higher sum than others, growth rates among the established funds is fairly similar, a CoreData snapshot of the 24 largest funds found.
The survey, which asked 2500 respondents to measure the brand strength and appeal of large super funds, found no evidence of a correlation between campaign appeal and membership growth.
It found that consumers often struggled to distinguish between some of the most heavily-advertised brands.
There was also a lack of awareness about super fund returns, with members more worried about fees than fund balances, the survey suggested.
When asked about the attributes they value most in a super fund, respondents favoured trustworthiness, stability, fees and investment performance.
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