In an environment where the mantra of members first is gaining greater and greater momentum Tim Richardson thinks it’s time for real change in superannuation servicing.
As the newly-appointed head of OneVue’s Superannuation Services Richardson joins the company from ESSSuper and believes the lack of agility and transparency in member data is preventing many funds from directly engaging with members in real time with meaningful information.
Part of this, he says, is because “there's a limited choice of available of third-party providers to deliver administration services. The largest outsourced administration providers currently control more than 60% of the market.”
The smaller funds in the market are being left behind as the larger superannuation providers continue responding to the demands of the large funds. They may be smaller in number of members but these smaller fund members expect, and deserve, to get the same services, in some cases more personalized services than if they
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