With baby boomers hitting retirement age, funds across Australia are witnessing a shift from accumulation to decumulation among many of their highest value members. While funds have to focus on keeping older higher value members by offering appropriate product and service solutions, they also have to focus on the future – that is on younger generations who will provide future growth for funds.
While much of the industry is pursuing growth via mergers and acquisitions, CoreData’s Member Growth Report will provide superannuation funds with ways to leverage organic growth within the membership.
This will include a focus on what younger members desire from their superannuation fund, how to engage with them and how to retain them as they shift from lower value members to higher value members over the course of their careers and lives.
The main purpose of this research is to provide insight and answers to the following five fundamental issues challenging the industry today:
• How funds can differentiate themselves from the pack in order to attract new members
• How funds can expand the relationship they have with existing members
• How to engage with, acquire and retain Generation X and Y members
• What members look for when choosing a fund/what would compel them to switch
• What services new members expect from their fund