Not-for-profit superannuation funds will need to promote their brand and embrace technology if they are to survive and prosper amid the Abbott Government's changes to the financial services environment, according to Australian Institute of Superannuation Trustees chief executive Tom Garcia.
Addressing the Conference of Major Superannuation Funds (CMSF) on the Gold Coast, Garcia referenced the threats to industry funds emerging from the Government's intended changes, including with respect to default funds under modern awards and fund governance.
He said it was in these circumstances that funds would need to be in the business of promoting their brands and developing the technologies to enable them to better deliver to their members.
Garcia said it seemed certain that the Government's changes meant it was highly unlikely that the status quo would be maintained and it was in these circumstances that funds needed to adapt their positions and their ability to better deliver to members.
Garcia noted that the stood-aside Assistant Treasurer, Senator Arthur Sinodinos, had been scheduled to deliver a video message to the conference but this had been cancelled following his decision to stand down from the portfolio pending the outcome of NSW Independent Commission Against Corruption (ICAC) hearings.
