Superannuation product providers love a one-size-fits-all solution. It makes things simple and streamlined, especially when managing large employer super plans – all they need to do is administrate accounts and answer general enquiries through a call-centre style service.
The problem with a one-size-fits-all solution is that often, it just doesn’t fit anyone very well at all.
For an Employer, good super advice is hard to find.
Superannuation providers have very little incentive to provide personal financial advice and service to your employees. Many of them are happy to stick to the status quo and deliver sub-optimal product service and superannuation advice.
Once they have attracted your business, they view personalised advice as too onerous to deliver and so they rarely live up to their service promises. It takes too much time to consider the individual financial situation of each employee and provide advice based on their needs. Employees wanting accurate financial advice often end up incurring the cost of a financial adviser.
Stock-standard approaches to super aren’t designed to optimise super benefits for your employees.
Super must be tracked to ensure that goals are being met and that current investment strategies still fit with the circumstances of individual employees.
In the same way, the overall performance and service-delivery of super product providers must be regularly assessed, to ensure that optimal value is still being delivered, year upon year.
Finding the right super product and ensuring that regular active servicing at an individual account level is taking place is crucial to ensure ongoing value and optimisation of super benefits.
The problem with treating super like a catch-all is that it’s a missed opportunity.
Because when employer super plans are well implemented they become an attractive benefit for employees and a useful tool for attracting, retaining and motivating the workforce.
It’s important to select a corporate super plan that will stand the test of time and deliver great value to your workforce year upon year.
The industry knowledge and skills required to optimise super are highly specialised and there is a lack of clear communication out there when dealing with product providers who are interested in sales, not service.
Employers should seek advice and expertise from knowledgeable industry-insiders like AXIS. At AXIS we don’t focus on partnering with super funds, instead we aim to build relationships with companies like yours. We can help show your company how to implement super as a compelling employee benefit and ensure that it remains optimised in the long-term, by continually monitoring and negotiating the most appropriate solutions for your company and employees.
Ready to find the right super fit? Get in touch with us today.
This document was prepared and issued by AXIS Financial Group (ABN 21 092 889 579, AFSL 233680). The information contained within it is not advice. It provides general information only and does not take into account your individual objectives, financial situation or needs. You should assess whether the information is appropriate for you and consider talking with your financial adviser before making an investment decision. Information in this publication, which is taken from sources other than AXIS Financial Group, is believed to be accurate. However, subject to any contrary provision in any applicable law, neither AXIS Financial Group, nor its employees and directors, provide any warranty of accuracy or reliability in relation to such information or accepts any liability to any person who relies on it.