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ASIC takes action on Falcon Capital directors
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Whilst it might appear that banks are spending a 'fraction' of their budgets on superannuation advertising, they are able to leverage their existing brand advertising - and the research shows a sizeable spend for banks advertising generally. Banks also spend a lot on distribution through their branches, where they have targets to up sell other products including superannuation as well as referrals to their financial planners. How much of this process is allocated towards the superannuation spend, I wonder?
My comment is not a dig at how banks do business but I don't believe a comparison can be made that simply to the spend by industry funds.
It's common knowledge that funds lose members to the well known retail brands and their associated financial planning networks. Industry funds are still relatively young in the market and they need to be able to develop their brand, awareness and distribution strategies like any other business.
The scale defence looks a little pie in the sky when you consider Australian Super is about to increase insurance premiums by up to 75%.
Why does no one ask how the trustees/directors of industry super funds benefit from having more funds under advice and more members.
It would be pretty clear that these funds are not run only to profit members when their remuneration packages are exposed.