Legal industry superannuation fund legalsuper is looking at ways to better cater to its high net worth members on the back of its recent merger with the Victorian Bar Superannuation Fund (VBSF) and Blake Dawson Partners' Superannuation Fund.
Legalsuper chief executive Andrew Proebstl said feedback from new members indicated they were happy with the service, however, high net worth individuals (HNWI) might want more contact with the management and investment team.
"Since the merger with the VBSF we have received more than 100 calls from barristers inquiring about their balances. There are around 700 barristers in Victoria, so this means that one in seven have contacted us. Partners from Blake Dawson have also been contacting us," Proebstl said.
He said it was important for legalsuper to cater to HNWIs as those members could look at establishing a self-managed superannuation fund.
As a result of the interest, legalsuper is considering more regular portfolio updates for HNWIs.
"This could mean monthly reporting to members, depending on the size of their balance," Proebstl said
Legalsuper has also set up an additional contact in the management team to look after the queries of high net worth members.
In addition, Proebstl said the fund had capped administration fees at $1000 for balances in excess of $350,000.
"This has been well received by HNWI as it is rewarding them for the economies of scale," he said.
Legalsuper is currently in talks with another top-tier law firm about the possibility of a fund merger, which may bring with it more high net worth members.
Proebstl said mergers had secured legalsuper's position as the dominant fund for Australia's legal sector and further advanced the fund's ongoing expansion plans.
"Significantly, the most recent mergers nearly double the number of self-employed members of legalsuper, which includes judges, barristers and partners in legal firms across Australia," he said.
Legalsuper has $1.1 billion in funds under management and more than 360,000 members.
