More Australians are expected to shop around for a better superannuation fund as a result of the global financial crisis (GFC), according to Suncorp Life.
The days when most Australians just persevere with their present superannuation provider are numbered, Suncorp head of super and investments Vicki Doyle has said.
The GFC has put superannuation funds on notice and perceptions of poor communication, poor performance and high fees are the primary reasons people will shop around, Doyle said.
“We have talked with our customers and we know they want a provider who can communicate effectively and instil confidence in them about their super in the wake of the GFC.”
Doyle said superannuation funds that go out of their way to help reduce the total fees a customer pays would reap the benefits.
“Suncorp has endeavoured to help Australians save costs on their super by proactively helping customers consolidate their superannuation accounts to avoid a duplication of fees,” she said.
“Since its introduction six months ago, Suncorp WealthSmart has accumulated more than $1 billion in funds under administration and aimed to demystify super for all Australians in these uncertain economic times.
“It’s vital that more people feel confident and comfortable about their super and when they feel uncertain they have a place to go to ask for help.”
