Member servicing key under MySuper
Member servicing will be vital as fee convergence takes place in superannuation funds under MySuper, according to SuperRatings.
In its analysis of key trends and issues in the super industry, SuperRatings said funds that have invested in data analytics, member segmentation, and propensity modelling are better placed to help members through customised communication and education.
"The benefits from helping members become more engaged with their super, through educational material and online tools, is expected to help drive improved member outcomes over the long-term," it said.
SuperRatings also identified the introduction of online scaled advice tools, along with growing levels of a full financial planning capacity will give members access to simple advice at a competitive price.
Increased financial planning facilities are being facilitated through "broad partnerships", which is supervised by the trustee.
SuperRatings also believes members in or close to retirement who have access to advice have better chances of making the most of their retirement savings through the use of income stream/pension products.
AUTHOR
Malavika Santhebennur
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