CBA has topped the chart as the highest-rated superannuation brand for consumers, while MTAA Super was in last place out of the 20 measured.
For the latest Roy Morgan Research Consumer Brand Rankings Table
, 20 superannuation brands were analysed using nine consumer-based brand measures covering customer quality, financial performance, net gains from switching and market penetration.
CBA was the highest-rated brand on the list, with an average ranking of 5.2 out of 20. It ranked strongly on the use of financial planners and effective customer acquisition, and its weaknesses were to do with a less affluent client base, Roy Morgan said.
In second place, with an average ranking of 6.9, was Mercer, which according to Roy Morgan was mainly due to its members having a high personal income along with above average superannuation balances and contributions to superannuation.
NAB/MLC did not lead on any of the individual criteria. They exhibited consistent performance but fell back on performance satisfaction, said Roy Morgan.
The ANZ group sat in the middle of the pack, with the average balance within superannuation for each member in line with the industry average. “ANZ has room for improvement within the wealth management space,” Roy Morgan said.
The highest ranked industry funds were Unisuper and Catholic Super, which exhibited strong results for satisfaction of performance and contributions beyond the compulsory level.
In last place was MTAA Super, with an average score of 16.3, with a very low percentage of customers satisfied with the financial performance of superannuation products.
How they ranked:
1. CBA Group 5.2
2. Mercer 6.9
3. NAB Group 7.0
4. Westpac Group 7.1
5. UniSuper 7.2
6. Catholic Super 7.7
8. ANZ Group 8.9
9. Health Super 9.3
10. Australia nSuper 9.6
11. Cbus 9.9
12. Suncorp 10.6
13. LUCRF Super 11.0
14. CARE Super 12.0
15. HESTA 12.6
16. TWU Super 13.4
17. Sunsuper 14.2
18. HostPlus 15.2
19. REST Super 16.2
20. MTAA Super 16.3
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