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Member engagement key for legalsuper
legalsuper's member engagement strategy is proving a success, with 40 per cent of its members choosing to invest outside the default option, according to the fund's chief executive Andrew Proebstl.
"It probably reflects the nature of our industry. It's white collar, and our membership is more likely to be financially literate," said Proebstl.
In a typical superannuation fund, only 10 per cent of members tend to be in an option other than the default, he added.
As part of its engagement strategy, legalsuper is targeting younger Australians with the announcement of its inaugural Law Revue of the Year competition and a corresponding Facebook page.
Proebstl said legalsuper had a long history of supporting the advancement of the legal profession.
"With our support we also raise awareness of superannuation among younger members of the legal profession, who are often disengaged from their super," Proebstl said.
He added that, ideally, the university students who become aware of legalsuper by virtue of the Law Revue campaign would choose legalsuper for their superannuation when they graduated and joined a legal firm.
Another successful initiative carried out by legalsuper has targeted people who are eligible for the Government's co-contribution scheme. Members who were likely to be eligible for the scheme were emailed with information about how co-contribution works and how it could be accessed, said Proebstl.
legalsuper holds assets of over $1.5 billion. It uses JANA as an asset consultant, with legalsuper adding to its equities holding in the Diversified option in December last year, according to Proebestl. OnePath is legalsuper's insurer, and AAS is used for the fund's administration.
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