SMSFs most satisfying: study
Satisfaction levels with the financial performances of Self-Managed Super Funds SMSFs are greater than industry super funds and retail super funds.
Roy Morgan Research has released a report titled Satisfaction with Financial Performance of Superannuation in Australia.
The report claimed that SMSFs had the greatest satisfaction rating of about 70% over a six month period ending in August 2013.
Industry super funds recorded about 50% in satisfaction levels and retail super funds about 45%.
Roy Morgan Research said the satisfaction level for SMSFs was about 20% higher than other fund types, in the decade the survey had been taken.
It said poor investment performance and fees and charges were the major reasons why people switched to SMSFs from retail and industry funds. The switch from retail funds to SMSFs was greater than it was for industry funds.
The findings of the study meant the retail sector would increasingly have to rely on adviser networks to keep customers.