When all we really judge super funds on are their returns, we get an industry hell-bent on trying to make 10 per cent a year for members then marketing the hell out of it to attract more money and more customers.
While we’d all love a steady 10 per cent, and the big funds have got close to that marker in the past decade, this relentless focus on returns has created a monster. Fund trustees are so hell-bent on investment performance (and fuelling growth) that basic standards and practices have been left behind.
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Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
