A survey of 16,754 fund members found industry funds provided higher satisfaction levels for customers holding more than $5,000 in super.
“Our research shows that at this stage, industry funds are viewed much more favourably in terms of performance by their members than are clients of the retail funds,” Roy Morgan industry communications director Norman Morris said.
Industry funds had the biggest lead among customers with high-value super assets.
For super funds worth $250,000 to $700,000, 73.6 per cent of industry fund members were “very” or “fairly” satisfied, compared to 65.1 per cent of retail customers.
Similarly, in the $700,000-plus range, satisfaction levels were at 84.4 per cent for industry funds and 76 per cent for retail.
Industry funds outstripped retail funds by 6.1 per cent in the $100,000 to $249,000 range and by 3.7 per cent in the $5,000 to $99,999 range.
However, retail funds won out for customers with super totalling less than $5,000, with satisfaction levels at 51.8 per cent compared to 46.1 per cent for industry funds.
The survey also found just 0.2 per cent of all money held in super funds is found in accounts worth less than $5,000.
While more than 64 per cent of people hold less than $100,000 in their super funds, these members account for just 19.8 per cent of total dollars held in superannuation.
By contrast, 2.5 per cent of Australians hold more than $700,000 in their super funds yet their funds comprise 16.6 per cent of total balances.
Mr Morris said customers holding high-value super were most likely to leave their industry or retail fund for a self-managed super fund.
“It is this top segment that is the primary group facing significant losses to self-managed superannuation funds, making it imperative that both industry and retail funds maintain a strong connection with them if they are to avoid losses,” he said.
