subscribe to our newsletter
Satisfaction with SMSFs still ahead of APRA funds

Satisfaction with SMSFs still ahead of APRA funds

Scott Hodder
03 July 2014

Satisfaction with the financial performance of SMSFs remains greater than with APRA-regulated funds, despite increased satisfaction for retail and industry super funds, research by Roy Morgan has found.

The research company found that from May 2013 to May 2014, satisfaction with retail funds increased 9.1 per cent to 53.7 per cent.

Satisfaction with industry funds increased by 6.4 per cent to 55.8 per cent, while for SMSFs, satisfaction was up 3.2 per cent to 75.6 per cent.

Roy Morgan industry communications director Norman Morris said that with the expansion of the SMSF sector, satisfaction with financial performance is “increasingly a factor” that fund managers should be taking notice of.

“It appears that satisfaction with superannuation has a lot to do with the amount of super and the consequential level of engagement,” he said.

Mr Morris added it is worth noting that even when the larger balances held in self-managed funds are allowed for, satisfaction levels remain higher than with other funds.

“The majority of self-managed funds have balances over $250,000 and when satisfaction is compared to industry and retail fund members with balances over this amount, they are still well ahead,” he said.

“The ease of switching super funds and the increase in people using SMSFs mean that the retail sector will increasingly rely on their adviser network and advice to retain customers,” said Mr Morris.

“Our research shows that there is a strong correlation between satisfaction with superannuation financial performance and the likelihood of switching funds.”

Satisfaction with SMSFs still ahead of APRA funds
smsfadviser logo
join the discussion

Do you support the government’s proposal to change the annual SMSF audit requirement to three years for members with clean audit history?

SUBSCRIBE TO THE
SMSF ADVISER BULLETIN

Get the latest news and opinions delivered to your inbox each morning

In this month's issue:

  • Time wrap
  • The tech bull run
  • From hobby to passion
  • Golden Years
  • An untimely reminder
  • Why change is so difficult
  • Key Strategies for equalising super