The resurgence of BT has resulted in them having the highest proportion of satisfied customers amongst the big 6 retail funds, a major improvement from last place in late 2010 and early 2011.
Satisfaction with financial performance of superannuation – Big 6 Retail Funds
Source: Roy Morgan Research March 2010 – August 2010; March 2011 – August 2011. Average six month sample n = 18,183.
The improvement in satisfaction of the major retail funds has resulted in them narrowing the gap to Industry Funds over the last 12 months, however industry funds on 53.3% still lead the big 6 retail funds with 50.5%.
Satisfaction With Financial Performance of Superannuation – Industry and Retail
Source: Roy Morgan Research March 2006 – August 2011. Average six month sample n = 18,340.
Over the last 12 months, the big 6 retail funds improved their customer satisfaction by 4.3% points compared to a drop of 0.2% points by Industry Funds. BT is now in the top 5 brands based on satisfaction with investment performance, while MLC is seventh, suggesting that the Industry Funds dominance of this measure may be under question in the future, with the difference between industry funds and the big 6 retail funds falling to its lowest level since the start of the Global Financial Crisis.
Satisfaction With Financial Performance of Superannuation – Brand Ranking
Source: Roy Morgan Research March 2011 – August 2011. Six month sample n = 17,968.
Norman Morris, Industry Communications Director, Roy Morgan Research says:
“It is interesting to see that the difference in satisfaction between Industry and Retail Funds continues to narrow in line with the improved stock market performance but more recent market volatility may change this. With Retail Funds increasing their activity in the low-cost end of the market this may also impact satisfaction levels.
“At a total market level, satisfaction with superannuation investment performance has fallen by 0.3% points from July to August 2011 as the sharemarkets have again begun to slide. The reduction in satisfaction is especially evident in those with self-managed super who have declined by 1.6% points since July as they start to feel the pinch of further falls on their balances, although with a satisfaction level of 73.4% they remain well ahead of all other providers.
“The low levels of satisfaction amongst those holding their superannuation with AXA and AMP presents a major problem for the market leader, but above average improvement over the last year gives some cause for optimism.”
The Roy Morgan Research “Superannuation Satisfaction Report” is produced from an annual sample of over 30,000 interviews per annum covering all major providers.
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