Hesta – one of the 17 funds behind the ‘Compare the Pair’ advertisements – was helped as much by choice of fund legislation as the campaign staking industry funds against their retail counterparts, according to its marketing manager Bruce Stafford.
“The campaign was well timed in terms of what’s happening in the market,” he said.
“It has got the message across quite effectively: that industry funds tend to have lower fees and all profits go to members.”
Financial advice is not in big demand from Hesta’s 550,000 members, who can receive free advice around super through Hesta. Any broader strategic advice can be accessed through fee-for-service Industry Funds Financial Services advisers.
Stafford said the one of the biggest challenges for the fund and financial advice is the low income of most members. The average super account balance of the largely female membership (85 per cent) is around $18,000.
Although its origins are in health and community services, Hesta is now a public offer fund and picked up 45,000 new members in the last 12 months.
