Superannuation funds are changing their focus from pre-retirement adequacy advice to at-retirement and post-retirement, even as more of their members move into retirement, Investment Trends research show.
Super funds like VicSuper, EquipSuper, and Australian Catholic Super were among the first funds to initiate retirement income services for members by launching new products and taking an options-based approach to retirement advice.
Investment Trends' technology analyst, Ian Webster, said super funds should particularly target those members for whom the adviser-focused comprehensive advice model is unsuitable.
"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 said.
Super funds were also utilising digital technology and regulatory change to provide member super account services.
The launch of the Lost Super and Super Rollover campaigns over the past two years led funds to set out a ‘grow your super' approach to member engagement.
Deloitte Digital's re-construction of QSuper's online channel with account-based self-directed intra-fund advice from Decimal set the benchmark on driving member engagement.
"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," Webster said.
AustralianSuper was at the top of the heap for all round fund member engagement services, while QSuper came in second, NGSSuper finished third, and Sunsuper ranked third, while HOSTPLUS rounded out the top five funds.