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Smaller funds more responsive
Small to medium-sized superannuation funds appear to be moving more quickly than their larger cousins to offer innovative member services, according to the chief executive of mid-size fund Intrust Super.
Intrust chief executive Brendan O’Farrell said medium-sized funds had found it easier to stay connected with their membership and, with the addition of key services such as travel and general insurance, were providing a better overall member experience.
He cited the addition of offerings such as car, home and contents and travel insurance as ideal additions to his fund’s product suite and proof that being big did not necessarily mean being better in terms of delivering to fund members.
O’Farrell’s comments on the ability of medium-sized funds to deliver follow on from its launch last month of a stand-alone not-for-profit financial planning business — Intrust360.
“Medium and smaller funds are often able to move faster and more efficiently to develop innovative products and enhance their members’ experiences,” he said.
O’Farrell’s comments run counter to at least some of the recommendations of the Cooper Review which suggested fewer and larger funds.
AUTHOR
Mike Taylor
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