Australians are more likely to change superannuation funds because of poor guidance and communications from their financial adviser than the returns actually generated by the fund, according to research conducted by a new super monitoring company, monitormysuper.
Peter Morrison Dowd, the company’s founder and chief executive, said less than 1 per cent of members interviewed moved funds because of poor performance.
“Most did so because of a lack of guidance and communication,” he said. “In other words, they moved in search of that support.”
Morrison Dowd said the findings were consistent with the experience in the United Kingdom and the US where planners who had been proactive in the heat of the global financial crisis were shown to have actually increased asset flows into their businesses.
