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Funds need to engage with members
Australians increasingly want to know more about their super and funds need to do more to engage them or risk losing members, according to the chairman of Queensland-based ESI Super, Bob Hendricks.
Hendricks said a recent survey conducted by ESI Super had revealed members regarded their fund as their 'partner' before, during and after retirement and expected their fund to proactively inform them of changes to legislation, investment options and market conditions that would impact them.
He said that with the Cooper Review expected to make widespread reforms, superannuation funds would need to work harder to retain their members.
“It is very easy for funds to say their members don’t really care and therefore the funds don’t need to invest time and resources to engage with them,” Hendricks said. “However, from our experience, this is not true.”
He said members were more financially literate than ever before, wanted to be engaged and were demanding more from their funds.
AUTHOR
Mike Taylor
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