Members do not always have to choose between a self-managed superannuation fund (SMSF) account and an industry or retail fund, but can benefit from holding two accounts, according to legalsuper.
The industry superannuation fund has a large number of high net worth members, some of whom are contemplating or have already established an SMSF.
"They are not mutually exclusive," legalsuper chief executive Andrew Proebstl said.
"Someone with a high balance can have their own fund, but they can also have a balance with us.
"They may, for example, access the insurance cover that we offer. They might also want to have a high liquid portfolio that is more directly managed by themselves."
But Proebstl did acknowledge the danger of members with SMSFs allocating only small amounts to their account held outside their own fund.
"The quantum retained in the super fund will depend on the member's personal circumstances and how this holding fits within their overall strategy," he said.
"Even if they hold only a small balance, it is a link between the super fund and the member that could at a later time lead to an increase in balance, for example, if a member were to subsequently decide to close their SMSF.
"There can be medium to long-term advantages from maintaining a connection with these members."
The fund did not retain any data on how many legalsuper members also held SMSF accounts, he said.
