Increased engagement in industry funds

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Industry fund NGS Super says it has experienced increased interest in its seminar program as baby boomers reach retirement age. Members are reportedly coming along to learn more about their entitlements, centrelink and the transition to retirement.

Andrew Dunkerley, manager of financial advice and education at NGS Financial Planning, says industry funds generally enjoy quite active and loyal members. He expects about 25% of attendees will seek further information after the seminars, and some will go on to form a relationship with a financial planner.

While growth in NGS Super’s national seminar program will increase by 54% in 2013, take-up of workplace seminars – where NGS Financial Planning staff visit members’ workplaces to speak directly to members – is expected to increase by an estimated 73%.

“I was surprised because they lowered the amount of contribution caps for this year and next year …and I was expecting a massive decline in the interest but it’s definitely ramping up.

 “This member demographic and the feedback we’ve received from members has led us to modify the topics our seminars cover. We now focus on Centrelink and retirement seminars, pre-retirement advice seminars, and wealth creation seminars. We also hold annual open days that cover general wealth creation, banking services and pre- and post-retirement information,” he said.