Trust key to profit-for-member funds’ competitiveness
Member services and advice are the key to bolstering trust between profit-for-member funds and their members, according to Equip.
A recent member survey found the fund had garnered higher levels of trust from its members than levels achieved before the global financial crisis (GFC).
Equip executive officer of strategic marketing and communications, Geoff Brooks, said members appeared to be recognising the benefits of the fund's educational and advice resources.
"The recovery in investment returns has certainly added lustre to the relationship between members and funds, but enhancing the member experience at our key touch points through our call centre, our ‘activ8 your super' education program and our financial planning service is building trust in our brand," he said.
"Our members take little notice of investment league tables and are seeking value rather than the lowest possible fees."
A high level of trust would be imperative for profit-for-member funds in view of the current distribution of power and reach of commercial funds, according to Brooks.
"The tools of the trade will be deep understanding of what motivates members, intensive use of data to personalise the brand experience and close partnership with employers to reach members through the workplace," he said.
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