#21. Co-hosts Sarah Penn and Neil Benson host David Bell, Executive Director at Conexus Institute.

Highlights

• Industry growth: Superannuation assets grew by 12% last year, mostly from strong investment returns. Four funds are now “mega funds” with over $200 billion AUM.
• Mergers and consolidation: Fund mergers continue to shape the sector. Aware’s merger with TelstraSuper tipped it into mega fund status.
• Flow dynamics: Natural flows (member contributions) are steady, but competitive flows are increasingly advisor-led with platforms gaining pace.
• Advisor-driven switching: More than half of asset switches are now influenced by advisers, with platforms offering efficiency and adviser-friendly features.
• Marketing spend: Funds increased marketing by 10%, but there's little evidence it’s driving competitive inflows. Most spend is defensive—trying to stem outflows.
• Retirement focus: Demographics highlight 40% of assets held by members 55+. Funds are investing in retirement products and guidance, but competitive barriers remain for retaining members approaching retirement.
• SMSF trends: SMSFs are seeing net growth and most are established without a formal adviser. But there’s also a flow back as members tire of administration.
• Future landscape: The sector is heading for more mega funds and continued consolidation. Launching new funds is possible, but achieving scale remains a decades-long effort.
• Key takeaway: Sector priorities are shifting towards retirement, adviser functionality, and efficiency—but core flows, consolidation, and operational differentiation remain fundamental for fund leaders.

Bonus: Blame marketing? Absolutely!

Chapters

00:41 - Introduction to Dr. David Bell and the Connexus Institute

07:32 - Exploring Competitive Flows in the Superannuation Industry

11:41 - The Dynamics of Advisor Portals and Fund Competition

20:16 - The Impact of Marketing on Member Retention

28:50 - Shifting Focus: From Marketing to Retirement Strategies

37:21 - The Changing Landscape of Superannuation

42:52 - Reflections on Future Trends in Superannuation

Guest: David Bell

• Connect with David Bell on LinkedIn
• Follow The Conexus Institute on LinkedIn
• Visit The Conexus Institute website

That Super Show

That Super Show is the most downloaded podcast for Australian superannuation professionals. Sarah and Neil cover the issues, debates and decisions shaping the industry - without the spin.

Subscribe to the show wherever you listen to podcasts and don't forget to leave us a rating and review.

• Visit That Super Show website and become a newsletter subscriber
• Email [email protected] if you've got a topic you'd like us to cover or a guest proposal or suggestion
• Follow That Super Show on LinkedIn
• Follow That Super Show on YouTube

Your Cohosts

Sarah Penn

Sarah Penn is the CEO and founder of Mayflower Consulting, an Australian financial services consultancy specialising in product governance, PDS management, and product operating model design. Her team works with super funds, fund managers, and investment platforms across Australia.

• Connect with Sarah on LinkedIn
• Follow Mayflower Consulting on LinkedIn
• Visit Mayflower Consulting website

Neil Benson

Neil Benson is the global chief product officer at ChandlerCX, where he leads a team focused on intelligent customer messaging for regulated organisations, including superannuation funds, banks, insurers, utilities and public sector organisations. His AI startup, Novagentic, was acquired by ChandlerCX in February 2026.

• Connect with Neil on LinkedIn
• Follow ChandlerCX on LinkedIn
• Visit ChandlerCX website

Mentioned in this episode:

Mayflower Consulting

 This episode is brought to you by Mayflower Consulting. If your product team is capable, stretched, and the important structural work keeps getting pushed, that's where we come in. We embed with your team, get the work done, and leave you more capable.

Mayflower Consulting