The member engagement report 2012 found that whilst 49.4 per cent of fund members are either engaged or highly engaged with their fund, there is significant room for improvement.
The report also showed that although investment performance remains a key driver of member satisfaction, other benefits such as financial advice, seminars and insurance have become an increasingly important driver.
“Both the funds and advisers have a role to play, and it really reflects that there is an increased desire for information, guidance and for people to take more control over their financial situation,” CoreData head of advice, wealth and super Kristen Turnbull told InvestorDaily.
“They want their super funds to fill gaps that weren’t traditionally filled in the past,” she said.
When asked what they would like to see their main super fund offer more of, CoreData found that two in five members (41.2 per cent) cited access to financial advice.
One quarter listed investment options such as direct equities and term deposits and the remainder (26.1 per cent) wanted more flexibility and control over their investments.
“I do know from a recent report we did that face-to-face is still the preferred medium. I think this is partly because of the fact that it’s the traditional channel that people are used to,” MsTurnbull said.
“[But] as we see online and phone based advice become more common, we’ll probably see that change; however I think that in people’s minds, when they think about advice, they still think about it on a face-to-face basis,” she said.
