Money reveals the Best Super Fund for 2023
Aware Super was named Fund of the Year in Money's 2023 Best of the Best awards for one simple reason, according to Alex Dunnin, director of research at Rainmaker Information.
"It's Australia's most consistently strong super fund across the most categories. It won four categories outright and was shortlisted as a finalist in two more."
Deanne Stewart, CEO of Aware Super, says that as one of Australia's largest profit-to-members super funds and the custodian of $150 billion in funds under management, everything it does is to benefit its members.
"This includes the products we offer, our help and advice services and our advocacy on important issues that will improve the lives and financial security of our 1.1 million members.
"We're keenly focused on how we can improve members' retirement outcomes at the same time as having a positive impact on society."
Aware's outstanding investment capability is another distinguishing factor, says Stewart, and this is demonstrated by consistent outperformance against Rainmaker Lifecycle indexes over three, five, seven and 10 years.
"We empower our members through quality education, guidance and advice, and we do this online, over the phone and with face-to-face support. We have market-leading digital capability - our app, for example, has won three major design awards in as many years - so our members can engage with us how and when they want."
"Aware Super is also one of Australia's most innovative investment leaders, for example, it's one of the super funds pioneering investments into low-cost social housing," Dunnin says.
"As one of Australia's most credentialled ESG leaders, it sets a high benchmark for transparency and explaining how it does things. And all this is on top of what it does as a superannuation policy advocate and to support its young members through its Student Club."
Engaging with its members and making them feel supported is important to Aware Super, Stewart says.
"We have a comprehensive financial education program that includes regional and workplace seminars, and we provide educational guides and calculators online.
"We offer a full range of advice services, from simple through to comprehensive advice, including specialist advice on estate planning and aged care."
Stewart says Aware uses its size to keep its fees competitive.
"We're working hard to further reduce fees for our members by increasing the proportion of assets we manage internally and using our scale to roll out new digital and administration services along with other initiatives to reduce member costs."
Currently, Aware manages more than 30% of its investments in-house and as well as its strategic and active asset allocation programs.
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