POWERED BY MOMENTUM MEDIA
96 funds rate five stars
Super Review this month publishes the first of the Heron Partnership’s Star Ratings — which has seen 96 superannuation products — 33 corporate funds and 63 retail funds — gain the company’s highest award.
Heron’s rating system is numerically based, and has five levels allocating a quality star rating based on the assessment score achieved.
The assessments cover about 150 features of each superannuation product.
The five levels are:
* Five Star — Outstanding — this is an outstanding product with a great depth of features and hence flexibility.
* Four Star — Commendable — these products are commendable and offer a good range of options and some flexibility.
* Three Star — Good — these funds are basic in their offerings.
* Two Star — Poor.
* One Star — Unacceptable.
Heron Partnership says it utilises a holistic methodology to assess and rate the various components of a superannuation product. Ratings are only performed at an area of importance level, and are based on feature-specific benchmarks, which guide their assessors to rate the feature objectively under one of five areas of importance, which are separately weighted.
The areas of importance are:
* investment arrangements;
* insurance;
* ancillary benefits;
* communications; and
* contributions.
AUTHOR
Mike Taylor
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