Financial planners and accountants are still not recommending industry superannuation funds to their clients, according to the latest research from Roy Morgan.
Despite the fact nearly 25 per cent of people switching their superannuation obtain it through financial planners or accountants, only 7 per cent of those going to an industry fund are coming from this source, the report found.
“In the three months to December 2009, 69.5 per cent of switched superannuation products were obtained through employers, which is a little below the long-term trend and well down on the 80 per cent in the three months to July 2009,” it said.
“It now appears the financial planners and accountants are playing a much bigger role, with 24.2 per cent of switched product in the last three months compared to only 19.8 per cent in the July 2009 quarter.”
Furthermore, the report noted that industry funds maintained their position as the major winners from superannuation switching behaviour, with a net gain of 6.3 per cent for the 12 months to December 2009.
Meanwhile, almost all the major retail funds, with the exception of Westpac/BT with a 0.2 per cent net gain, experienced net losses from superannuation switching.
Losses were very similar across all other retail funds, ranging from -0.8 per cent for the NAB Group to -2.4 per cent for AMP.
Among the industry funds, the greatest net gain from switching was achieved by Cbus with a 2 per cent increase, while HESTA suffered a loss from switching of 0.7 per cent.
