A new survey shows Australians are more likely to be engaged and satisfied with
SMSFs than traditional super funds, but the funds still have more detractors than promoters.
The 2014/15 Superannuation Benchmarking Study conducted by Engaged Marketing has found the average super fund had a net promoter score of negative 29%. The worst performing fund in the survey had a net promoter score of negative 53%.
But SMSFs reported the highest level of engagement and satisfaction. Albeit still negative, SMSFs attracted a net promoter score of negative 5%.
Engaged Marketing managing director Christopher Roberts said the disparity came down to the “perception of value” among members.
“Because of the compulsory nature of super, Australians see super funds as essentially offering the same commodity with very little differentiation and low product involvement. This makes it very hard for members of funds to gain a sense of value.
“It is important to note that people with SMSFs also rate their satisfaction with
SMSF fees highly – despite these fees being quite high in comparison to traditional super funds. This means people with SMSFs are seeing and appreciating the value, rather than the cost of SMSFs.”
The survey also found respondents who had opted to switch to a self-managed fund did so out of a desire for greater control over their super (49%) or dissatisfaction with their previous super fund (22%). Thirty-two per cent made the switch to SMSF on the recommendation of an accountant, while 52% said they had conducted their own personal research before making the move.
