Superannuation fund members still disengaged
More than half of superannuation fund members are disengaged, with many seeking better performance, lower fees and stronger communication, according to a report released by CoreData.
The Member Engagement Report 2012, published earlier this month, found one of the key drivers of member satisfaction was greater access to financial advice and better offerings with regards to direct equities and term deposits.
"It seems that these improvements are critical if funds want to increase their pool of satisfied members - only 50.8 per cent of members surveyed were satisfied with their fund (scoring 7 or higher out of 10)," CoreData stated.
"Satisfaction is highest with online services, the website and other benefits, and lowest with investment performance, fees and charges and fund administration."
The report also found that self-managed super funds (SMSFs) were among the most engaged and satisfied members out there.
The report was based on a survey of 1,030 super fund members including SMSFs.
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