New Minister for Financial Services Daniel Mulino says he will honour the financial advice reform work already progressed by the Albanese government in its first term, including on superannuation nudges. But those who criticised the slow pace of reform under his predecessor Stephen Jones may be underwhelmed by the indicative timeline.
The “missing middle” of members that super funds want to engage with advice and guidance is a more contested space than many appreciate, and funds will need to raise their voice if they want to be heard.
Emerging markets are diverse and varied, driven by distinctive regional factors. An active investment approach – underpinned by local insights, disciplined research and the flexibility to adjust to market conditions and diverging economic policy – is critical to managing this complexity and targeting the best opportunities.
Investors can adopt fundamental, data-driven equity strategies to help mitigate the worst potential effects of an overweight position to US equities that has developed due to the market’s outperformance since the “Great Moderation” starting in 2009.
Team Super CIO Seamus Collins is focused on integrating two investment teams following the merger between Mine Super and TWUSUPER but says the fund won’t ‘cross the Rubicon’ into internalisation (just yet).
Treating all insurance claimants as “vulnerable” is a founding principle of a new industry-wide claims handling service standard. Jocelyn Furlan, the head of the working group that developed the standard, explains why the concept of “situational vulnerability” turns the claims process on its head and places the member or the beneficiary at the centre.
Quality insurance offerings are “vitally important” as competition for corporate and individual members heats up. A fund’s service will be defined in part by how it can support members through tough times, the Insurance in Super Summit has heard.
The mental health epidemic sweeping the nation won’t be addressed if super funds, the insurers that support them and other players in the system don’t get onto the front foot and develop strategies to mitigate its prevalence and the burden of mental health-related insurance claims. The Insurance in Super Summit heard that in this area, prevention is far better than cure.
The boss of the near-$100 billion health industry fund has issued an apology to members negatively impacted by a seven week limited service period earlier this year while saying that the administration transition that required it will set the fund up for success in the future.
More super fund members than ever now know they have insurance in super, but their understanding of what it covers and how to claim remains lacking. The Insurance in Super Summit has heard that developing systems to help members through the claims process is the next step in engagement.
Cbus CEO Kristian Fok has issued a mea culpa to members affected by claims handling delays and said that the fund and its administrator have worked hard to improve service and upgrade its technology since. Meanwhile, deputy CEO Marianne Walker is set to depart the fund.
Mark McGowan, Western Australia’s historically popular former premier, says that super funds need to pay more attention to politics and build connections on both sides of the aisle to succeed.
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