Despite returns, customers less satisfied with super funds
Many superannuation funds may have generated double digit returns for members in 2023 but that has not necessarily translated into customer satisfaction.
A new survey from Roy Morgan has revealed that overall customer satisfaction with funds is actually down compared to a year ago, with the exception being self-managed superannuation funds.
It found that overall customer satisfaction for Public Sector Funds declined by 3.2% points from a year ago to 70.7% – the largest decline for any of the super fund categories while customer satisfaction of Retail Funds declined by 2.7% points to 58.9% .
As well, the Royal Morgan analysis noted that the retail funds category continued to have the lowest customer satisfaction of any of the four categories.
“Customer Satisfaction for Retail Funds is now at its lowest for over three years since November 2020 although still higher than the long-term average customer satisfaction for Retail Funds of only 55%,” the analysis said.
It said customer satisfaction for Industry Funds in November 2023 was down by 1.4% points to 68.2% compared to a year ago, however this was the smallest decline of any of the four super fund categories.
“A standout performer over the past year has been Self-Managed Funds which have increased their customer satisfaction by 1.9% points to 75.8% and clearly the highest customer satisfaction of any of the four super fund categories. This is the highest level of customer satisfaction for Self-Managed Funds for 18 months since May 2022.”
So the most customer satisfying SMSF sector of Super is continually bullied by ATO / ASIC / ALP & their best buddies Industry Super.
Nothing to do with Regulatory Capture Corruption to always promote Industry Super hey ATO / ASIC & ALP?
That’s because the fund members worked out that their fund returns were close to zero over the past 24 months. Volatility going nowhere.