‘Nothing but the best will do’ is usually what consumers expect of financial services providers, including super funds. Consumers want the best fees, the best returns, the best service, the best insurance, the best advice and so on.
However, when it comes to choosing a new super fund, CoreData’s recent Member Growth research found that being ‘average’ across all the critical aspects may just prove to be enough for a fund’s member retention and growth strategies.
In the research, respondents were given five different sets of four hypothetical super funds and in each set, they were asked to nominate the fund they would most likely and least likely join.
So which of the five funds did respondents most favour? Is it Fund E with its ‘better than average’ investment performance? Or Fund B or Fund C with its ‘better than average’ fees and charges?
In fact, Fund D came out on top, regardless of member age or gender, as well as their attitude to managing finances and super or their level of commitment and loyalty to their fund. What is interesting is that Fund D is not ‘better than average’ in any of the critical aspects, but more importantly, it is also not ‘worse than average’ in any of these aspects.