Industry super funds bet big on advice as competition heats up
Struggling to stem rollovers to rivals, many of the nation’s largest superannuation funds are investing heavily in advice.
Australia’s biggest superannuation funds are ramping up investment in advice as competitive outflows accelerate, particularly among members approaching retirement.
Capital Brief analysis of the latest Australian Prudential Regulation Authority (APRA) data shows eight of the 10 biggest funds recorded negative net rollover figures last financial year, many for the second consecutive year, indicating members were jumping ship.
In FY25, industry funds Cbus, Rest, Australian Retirement Trust (ART) and HESTA each lost more than $1 billion in so-called competitive flows — losing more money from members switching out than they gained from members switching in — even as they continued to grow balances and overall members.
Aware and AustralianSuper lost between $300 million and $400 million on the measure, while Hostplus was broadly flat. UniSuper was the only major fund to clearly buck the rollover trend, adding $1.1 billion.
