New standards for member engagement
Monday, 8 February 2016 12:10pm

Sunsuper, AMP and QSuper are setting a new standard for superannuation member engagement according to the latest report from market researcher Investment Trends.

$32 billion Sunsuper has been labeled as having the most innovative and accomplished digital and social media member engagement team in financial services during 2015.

AMP's Flexible Super is setting the standard for member transaction services, while QSuper's rebuild of member account and advice services was also reported to be setting a new benchmark.

Results from the Investment Trends 2015 Member Engagement Report were drawn from a desk survey of Australia's 44 largest super funds and their member services between October and December 2015.

The survey also found that regulatory change, digital technology, and the renewal of some funds' boards and executives are shifting super funds from being just custodians of member funds to providers of member account services.

Technology analyst at Investment Trends, Ian Webster, said the proliferation of self-directed account services on super admin platforms enable funds to use their education and engagement activities to help each member improve their retirement benefits.

"Deloitte Digital's rebuild of QSuper's online channel with account based self-directed intra-fund advice from Decimal sets a new benchmark for core super account services," Webster said.

He added the success of the lost super and super rollover campaigns over the past two years has led funds to develop a "grow your super" approach to individual member engagement with their super account.

The industry-wide member shift from accumulation to retirement is also seeing super funds ramp advice channels.

"As increasing number of members reach retirement, funds have a key role to play in the provision of retirement advice, particularly to members whom the adviser focused comprehensive advice model is unable to service," Webster said.

"The differences between retirement and investment advice provide an opportunity for funds to develop a member benefits focused advice model, to be delivered at the time most members will be looking for retirement advice."

Webster added VicSuper, EquipSuper and Australian Catholic Super were among the first funds to introduce a retirement incomes proposition for their members supported by new products and an options-based approach to retirement advice.

The report also found AustralianSuper continues to be the best all round fund for member engagement services. Other industry funds rounding out the top five funds for member engagement include: QSuper, NGSSuper, Sunsuper, and HOSTPLUS.

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