The late Greg Bright

Superannuation industry body FEAL has launched a new educational scholarship in memory of its co-founder and leading industry journalist Greg Bright, who passed away in 2024.

A pioneering voice in the Australian superannuation industry, Greg conceived FEAL in 1999 with the goal of bringing together super fund executives of a rapidly growing sector to collaborate, share insights and strengthen leadership. His vision was to cultivate a generation of world-class professionals who would steward the growing retirement outcomes of working Australians.

Greg’s influence extended across both media and industry, and he always knew how to back a winner. He established industry magazine Super Review in 1986 following the Prices and Incomes Accord Mark II where the ACTU agreed to forgo a national 3% wage increase in exchange for employer-funded superannuation. It would be another six years before the Keating Government’s introduction of Australia’s Superannuation Guarantee in 1992.

It was the beginnings of a lifelong passion to support, promote and investigate an industry that today delivers meaningful retirement outcomes for millions of Australians.

A financial journalist and publisher for more than 30 years, Greg was known for his passion for communication as well as for supporting and nurturing emerging talent in the industry, acting as a mentor to many journalists and communicators who have gone on to have significant roles in the investment, super and financial services sector.

One of these was Super Review editor Philippa Honner who, with Greg’s encouragement, established financial communications and marketing firm Honner in 1997. It is fitting that Honner is the inaugural sponsor of the FEAL scholarship in Greg’s name.

About the Scholarship

Aligning with Greg’s passions the Greg Bright Scholarship for Excellence in Member Communications is focused on emerging leaders in the FEAL member funds and organisations who work in a role that involves member communications and who are passionate about making a tangible difference to how their fund / the industry communicates with members.

The winner of the Scholarship will attend the highly regarded FEAL Emerging Leaders Program run by the Melbourne Business School (MBS). The program encompasses topics around leadership, taught by some of MBS’ senior faculty, and provides the opportunity to build connections with peers across the FEAL member funds and organisations. The scholarship winner will also have the opportunity to speak about member communications at a FEAL event.

FEAL Chair, Brian Delaney, spoke of the importance to FEAL of honouring Greg Bright’s role in establishing FEAL and the appropriateness of Honner as the inaugural sponsor of the Scholarship in his name.

“Greg’s vision for the superannuation funds to come together and collaborate to deliver leadership development to their executives and senior leaders has driven FEAL’s purpose for the last 26 years. The Scholarship recognises the critical importance of member communications and will provide the opportunity for an emerging fund executive to develop their leadership skills and build their profile in the industry.

“We are delighted that Honner has chosen to take up this sponsorship and join the organisations who support leadership of the superannuation industry through their sponsorship of FEAL,.” he said.

Honner founder Philippa Honner said the decision to support the scholarship was both professional and personal.

“Greg was a huge influence on my early career. He backed me when I was starting out as a financial journalist and his steady mentoring and networking support helped give me the confidence to launch Honner at a time when being a young ‘entrepreneur’ wasn’t so fashionable.

“This scholarship reflects Greg’s joy in nurturing aspiring talent, his gift for telling great stories, and his hope that more people will get engaged and understand the value of their super. We’re incredibly proud to support this scholarship in his name.”

Kate Farrar

Kate Farrar, CEO of Brighter Super, is the 2024 Fund Executive Association Limited (FEAL) Fund Executive of the Year.  

Last night at the FEAL Members’ Dinner in Melbourne, Ms Farrar was announced as the award recipient for demonstrating exceptional vision, drive and courage in her leadership of Brighter Super during periods of transformation and growth for the fund.  

The annual award, now in its 23^rd year, honours a superannuation fund executive who has made an outstanding contribution to their fund and the super industry. The award recognises and fosters innovation and the development of strong, skilled executives in a continuously changing environment. The recipient receives an education grant of $30,000 sponsored by QIC to undertake an executive education program at an international business school of their choosing.  

FEAL Chairperson Brian Delaney said Ms Farrar’s leadership of Brighter Super was reflected in the outstanding achievements of her team and the fund for the benefit of its members.    

‘As CEO of Brighter Super, Kate embarked on a strategic plan over several years that was aimed at expanding the fund and enhancing member services, which led to an increase in both membership and the fund’s assets,’ Mr Delaney said. 

‘After completing two mergers, including the first acquisition of a retail fund by an industry fund, she has introduced a unique ’boutique at scale’ model to achieve organic growth and benefits for Brighter Super members. Leveraging technological efficiencies post the mergers has enabled Brighter Super to deliver additional value to their members. Benefits such as an adviser portal to support 1,300 independent financial advisers for personalised advice, reduced member fees for some members by up to 70%, and improved investment returns, ranking in the top five for industry funds in FY23^[1]. 

‘Her commitment to innovation, high-quality services, and cost reduction has supported a promising future for the fund and tangible benefits for its members.’ Mr Delaney said. 

In accepting her award, Kate Farrar said, ‘It’s a tremendous endorsement of the strategy and work of the team at Brighter Super, who have tirelessly delivered on our program of transformation and growth, realising the benefits of our mergers for our members. Delivering strong performance, low fees and personal advice and support to help our members retire with confidence.’

This year, QIC took on sponsorship of the FEAL Fund Executive of the Year Award from T.Rowe Price. QIC has been a sponsor of FEAL since 2013, but this is the first year that it has sponsored Fund Executive of the Year.  

Kylie Rampa, CEO at QIC, the award’s sponsor, added, ‘As the proud sponsor of the FEAL Fund Executive of the Year Award, we congratulate Kate on receiving this honour in recognition of her dedication to providing excellent service to members and contributing to innovation in the super industry more broadly. Her leadership embodies the spirit of the award.’ 

FEAL has also recently welcomed sponsorship from AIA Australia for the Michael Dwyer Leadership Scholarship, which was awarded last night at the Members’ Dinner to Mark Lyons, Chief Capability Officer, at Care Super and Iress for the MBS Masters Program Scholarship, which was awarded to Alana Scheiffers, General Counsel, at Commonwealth Superannuation Corporation. Perpetual previously sponsored the Michael Dwyer Leadership Scholarship and QIC sponsored the MBS Masters Program Scholarship.  

In thanking FEAL’s sponsors, FEAL CEO Katrina Bacon said, ‘The generosity of our current and previous sponsors enables us to support and highlight the positive contribution that super fund leaders make to their memberships and the industry more broadly, and we are very grateful for their support.’   

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Notes:
[1] https://www.lonsec.com.au/2024/01/19/media-release-super-funds-sail-through-the-storm-in-2023/

Katrina Bacon joins FEAL as its new CEO from 1 January, on the retirement of Joanna Davison. Katrina has extraordinary depth of expertise in, and a personal commitment to the superannuation industry. Over more than 25 years – as a consulting actuary with Towers Perrin, and for 21 years in KPMG’s Superannuation Advisory practice – she has developed a broad matrix of perspectives over the industry for which she is widely respected; assisting and advising funds, providers and employers on all aspect of superannuation.

Chair of FEAL’s board of directors Brian Delaney, said ‘I am delighted to welcome Katrina to the association. She knows FEAL and its members well, and cares deeply about what we do. Her broad industry knowledge and insights will give us a strong base for FEAL’s next stage.’

‘Joanna has transformed FEAL in her time as our CEO. The growth in our membership is testament to the way Joanna has embedded the vision of the organisation to be the leading provider of professional development and education for fund executives. She has developed the services and programs we provide, enhanced our governance, and made FEAL a place for industry leaders of today and tomorrow to collaborate, learn and develop. We all wish her well in her retirement.”

Katrina said she is ‘delighted to be taking on the FEAL CEO responsibilities, and is looking forward to supporting our members, and developing the value FEAL provides.’ 

‘I am a believer in the alignment of the not for profit sector, and am a long-time admirer of FEAL and its mission. I am genuinely excited to pick up the reins from Joanna and work with the FEAL team, Board and members. We will continue to deliver and further develop professional support and education to our Executive members, helping them return outstanding outcomes for whole generations of working Australians.’ 

Joanna said, ‘It has been a privilege to lead FEAL though the last nine years. We have made a significant contribution to the industry with our programs and services, and the opportunities for our members to learn from each other and other leaders at our conferences and forums. I am excited about the next chapter in my life.’

]]> Katrina Bacon is joining the Fund Executives Association Limited (FEAL) as its new Chief Executive Officer, with effect from 1 January 2023. Katrina replaces Joanna Davison, who leaves FEAL after nine years as its leader.

Katrina Bacon joins FEAL as its new CEO from 1 January, on the retirement of Joanna Davison. Katrina has extraordinary depth of expertise in, and a personal commitment to the superannuation industry. Over more than 25 years – as a consulting actuary with Towers Perrin, and for 21 years in KPMG’s Superannuation Advisory practice – she has developed a broad matrix of perspectives over the industry for which she is widely respected; assisting and advising funds, providers and employers on all aspect of superannuation.

Chair of FEAL’s board of directors Brian Delaney, said ‘I am delighted to welcome Katrina to the association. She knows FEAL and its members well, and cares deeply about what we do. Her broad industry knowledge and insights will give us a strong base for FEAL’s next stage.’

‘Joanna has transformed FEAL in her time as our CEO. The growth in our membership is testament to the way Joanna has embedded the vision of the organisation to be the leading provider of professional development and education for fund executives. She has developed the services and programs we provide, enhanced our governance, and made FEAL a place for industry leaders of today and tomorrow to collaborate, learn and develop. We all wish her well in her retirement.”

Katrina said she is ‘delighted to be taking on the FEAL CEO responsibilities, and is looking forward to supporting our members, and developing the value FEAL provides.’ 

‘I am a believer in the alignment of the not for profit sector, and am a long-time admirer of FEAL and its mission. I am genuinely excited to pick up the reins from Joanna and work with the FEAL team, Board and members. We will continue to deliver and further develop professional support and education to our Executive members, helping them return outstanding outcomes for whole generations of working Australians.’ 

Joanna said, ‘It has been a privilege to lead FEAL though the last nine years. We have made a significant contribution to the industry with our programs and services, and the opportunities for our members to learn from each other and other leaders at our conferences and forums. I am excited about the next chapter in my life.’

The post Katrina Bacon joins the Fund Executives Association Limited as CEO appeared first on AdviserVoice.

Jo has been a member of the FEAL Finance Committee since 2013 and will become Chair of the Finance Committee.

Jane Perry, Chair of FEAL, welcomed the new directors and thanked the outgoing directors.

“Jo and Damian were approached to join the Board on the basis of their extensive experience and track record in the super and investment space. This depth of experience will see them make a valuable contribution to FEAL and to our professional development and education initiatives,” said Jane.

“Through the COVID-19 pandemic, superannuation has remained central to the financial resilience of many Australians, and an important part of the national agenda. Similarly, in this period of unprecedented change, FEAL has remained important to the executives who serve superannuation fund members. The new directors join us to continue to provide professional development and ongoing education that is high quality and easy to access, wherever and however our members may be working,” she said.

Robyn Petrou and Debby Blakey have stepped down from the FEAL board effective 1 July. Robyn has also been Chair of the FEAL Finance Committee since 2015.

Jane thanked Robyn and Debby for their Board tenure and service to FEAL through a period of great change for funds.

“Robyn has been on the board since 2008 and Debby since 2014. During their tenure, Robyn and Debby have been active and passionate contributors to FEAL. They both have a deep understanding of the superannuation and retirement sector and we are very grateful to them for their significant contribution to the professional development of fund executives”.

“I am confident Jo and Damian will make a significant contribution as we continue our mission to be the chosen provider of professional development for today’s executives, and tomorrow’s leaders,” said Jane.

In addition, Jane Perry has been reappointed as Chair of FEAL for a further two year team. Graeme Arnott has stepped down from the FEAL board following his resignation from First State Super, but will join the FEAL Programme Committee – responsible for organising the annual FEAL National Conference and Executive Forum.

Jane Perry, Chair of FEAL, said that Laura would bring to the association extensive experience in the superannuation and retirement space, as well as the success of  NGS Super.

“Laura was approached to join the Board on the basis of her extensive experience and track record of more than three decades in the super space. She was a founding Trustee Director of NGS Super and has held client services and operational roles at three different administrators working closely with a number of funds. This depth of experience will see her make a valuable contribution to FEAL and to our professional development and education initiatives,” said Jane.

Jane also thanked Graeme Arnott for his contribution to the Board of Directors.

“During his tenure, Graeme has been an active and passionate contributor to FEAL. He has a deep understanding of the superannuation and retirement sector, and I’m pleased to welcome him to his new role with the FEAL Programme Committee. Through the committee, Graeme will continue to make a contribution to our members’ professional development,” said Jane.

“On a personal note, I’m also delighted to have been appointed for a further two year term as Chair of FEAL. This is bittersweet as it will be my final term, in line with the FEAL constitution, and there’s a lot to do in the space in this time. Through the COVID-19 pandemic, superannuation has retained its space in the spotlight. It’s our goal to support our members through this period of unprecedented change, by retaining our focus on professional development and ongoing education – and making it easy to access, wherever and however our  members may be working,” she said.

In conclusion, Jane said that she is excited about the future of FEAL and the contribution she expects Laura to make.

“I feel very confident that Laura will make a significant contribution as we continue on our mission to be the chosen provider of professional development for today’s executives, and tomorrow’s leaders,” she said.

Graeme Arnott has been appointed to fill a vacancy on the board and Ross Piper has been appointed to replace Doug Carmichael.

Doug Carmichael has stepped down from the FEAL board following his recent retirement from Commonwealth Bank Group Super. In addition, Joe Farrugia will step down from the FEAL Board on his retirement from Catholic Super on 1 October 2019. Doug Carmichael will continue as Chair of the FEAL Program Committee – responsible for organising the annual FEAL National Conference and Executive Forum.

Commenting on the appointments, Jane Perry, Chair of FEAL, said that Graeme Arnott and Ross Piper had been chosen on the basis of their experience as well as their success at First State Super and Christian Super, two very diverse funds which vary widely in terms of size and membership.

“Ross Piper has a long history of serving not-for-profit as well as corporate businesses. His career began working with indigenous communities and the mining sector – he went on to become Head of Corporate Risk for Macquarie Group before moving back to a not-for-profit as COO of World Vision Australia. He is currently CEO of Christian Super, a role he has held since January 2019,” she said.

Jane Perry said that Graeme Arnott brings to the Board of FEAL extensive corporate experience, at First State Super, as CEO of StatePlus and currently as Deputy CEO of First State Super.

“Graeme is also a Fellow of the Association of Superannuation Funds of Australia and has been an active and passionate advocate for improving education and professional standards in financial planning.”

“Both Graeme and Ross have had long careers in superannuation and the not-for-profit sector – across a range of organisations and funds – and have a deep understanding of how best to offer our members professional development and education – and a new perspective on what such initiatives might look like,” she said.

Jane Perry went on to thank Joe Farrugia and Doug Carmichael for their contribution to the Board. Doug Carmichael has been a FEAL mentor as part of the FEAL Mentoring Initiative since 2015 and a Board member since 2018.

Joe Farrugia was appointed a founding FEAL Director in 1999 and served as Deputy Chair of the Board for the majority of his 20-year tenure.

“Joe’s contribution to FEAL cannot be overstated. He was made a Life Member of FEAL at the 2019 FEAL national conference, and it gives me great pleasure to publicly acknowledge his constant and guiding presence on the Board, and the pivotal role he has played in many of FEAL’s most important initiatives,” she said.

In conclusion, Jane Perry said that she is excited about the future of FEAL and the contribution she expects the new Directors to make.

“Superannuation, like financial services generally, is very much in the spotlight now, and in this period of constant change, professional development and on-going education is more important than ever.”

“I feel very confident that Graeme and Ross will make a significant contribution as we pursue our vision of being the chosen provider of leadership development for today’s executives and tomorrow’s leaders,” Jane Perry said.

Commenting on Mr Elia’s resignation, CEO of FEAL, Joanna Davison, thanked him for his many years of service, and highlighted his significant contribution.

“Mr Elia will be sorely missed. He is one of Australia’s most experienced business leaders, and FEAL has benefitted enormously from his wealth of experience, and his commitment to the professional development of leaders in the superannuation industry.

“There is no question that he will continue to play a pivotal role in financial services in Australia through his role as CEO of HOSTPLUS and his many other board positions,” she said.

Mr Elia said that he felt privileged to have worked with the other Directors on the FEAL Board and was proud of the role he played in transforming FEAL into one of the leading professional development associations in Australia.

“I have really enjoyed my 13 years as a Director, but I felt that given the increasing demands of my role at HOSTPLUS, the time is right to make way for someone new. And Paul Watson is the perfect choice to replace me,” he said.

Ms. Davison said that she is very much looking forward to working with Mr Watson, who brings considerable experience and skills to the Board.

“Paul has been the Chair of FEAL’s Programme Committee since 2011, and served on our Board from 2006 to 2011. He has more than 25 years’ experience in senior leadership roles in both the public and private sector, and his counsel and contribution over the years has been invaluable.

“I am so pleased that Paul has agreed to contribute still further by taking up a position on our Board again,” she said.

Mr Watson said that he was looking forward to continuing to serve FEAL and its members.

“It is more important than ever that we strive to support the professional development and leadership capabilities of our executives as they confront the challenges of a rapidly evolving financial services landscape.

“That’s where FEAL plays a pivotal role, and I am looking forward to developing the skills of both current and emerging leaders through my role as a Director of FEAL’s Board,” Mr Watson said.

Mr Hill, who has been CEO of REST since 2006, was presented with the award at the FEAL members’ dinner held in Melbourne last night.

Mr Hill has more than 25 years’ experience across the superannuation and life insurance industries, joining REST in 1999 as Administration Manager.  Under his leadership, REST has grown significantly and is now one of the largest superannuation funds in Australia by membership, with more than 1.9 million members and more than $37 billion in funds under management as at 30 June 2015.

AMP Capital Head of Institutional Business John Meagher said: “The FEAL Fund Executive of the Year award recognises the work of outstanding leaders in the Australian superannuation industry and Damian epitomises what it means to be a true leader.  He has taken REST from strength to strength and also contributed to the industry’s development through his participation in many working groups and consultation committees, with a particular focus on legislative changes to superannuation and disclosure to superannuation members.”

FEAL Chief Executive Officer Joanna Davison added: “I’m delighted to recognise Damian’s extensive contribution to the industry. He works tirelessly for REST’s members and the superannuation sector more broadly, and his passion for improving member mental health and wellbeing as Chairman of mental health foundation SuperFriend is another sign of his commitment and dedication.”

As part of his prize, Mr Hill receives a $20,000 executive education grant to be used at one of the world’s most renowned business schools.

Mr Hill said: “I’m thrilled to have been named FEAL’s 14th Fund Executive of the Year.  I feel fortunate to work in our industry and to have been a part of its ongoing development.  I’d like to thank AMP Capital and FEAL as well as the many people I have worked with over the years.”

Joanna Davison

Despite a lack of engagement with their superannuation, the overwhelming majority of Australians have no regrets about investing in super.

This is one of the surprisingly strong findings from the 2014 Net Promoter Score Survey (the Survey), an annual joint initiative of the Fund Executives Association (FEAL), Customer Service Benchmarking Australia (CSBA) and Melbourne Business School (MBS).

The Survey is now in its seventh year, and is designed to benchmark member satisfaction with their super fund by assigning each fund a net promoter score (NPS)[1] based on responses collated from over 4,500 interviews with fund members twice a year. The difference in the July 2014 survey was that additional questions around the subject of ‘regret’ were added to the Survey by Professor Don O’Sullivan, Associate Professor of Marketing, and Ujwal Kayande, Professor of Marketing, at MBS.

Professor O’Sullivan was interested in understanding what Australians really feel about mandatory superannuation, given how little thought most people give to their super choices, and at a time when super is very much in the spotlight in terms of its structure, adequacy and interaction with the tax system.

Professor O’Sullivan said most people do not make an active decision to join a super fund. Sixty-eight percent end up in the default fund, and only 13% follow recommendations. Most do not fully understand what they are buying.

“Engagement with super is incredibly low. In fact, most Australians do not apply a rational decision making process to their choices about super, they give it about as much thought as buying a bar of chocolate, and unless something goes horrifically wrong, their on-going strategy could best be described as set-and-forget.

“That’s why we chose to ask questions about regret, to find out what Australians ultimately think about the outcome of super choices that, due to their own inaction, are made for them by others,” Professor O’Sullivan explained.

Questions included, “If I had the choice, I would not have put my money into a superannuation fund”, and participants were also asked whether they regretted their decision to join a particular fund, and whether they regretted their current investment option with a particular fund.

Professor Kayande said that regret was revealed to be so low as to be negligible, and lowest of all among older Australians. This is no doubt because older Australians are closest to retirement and accessing their savings, but statistically there was very little difference between the levels of regret of younger versus older Australians.

When it came to the differences between members with default and customised super options, the Survey found that levels of regret across both groups were extremely low.

“And that’s great news for the founding fathers of our super system, like Paul Keating, who had to fight so hard to introduce mandatory super and to sell the benefits,” said Joanna Davison, CEO of FEAL.

Speaking about the member satisfaction results, Ms. Davison said that NPS scores recorded were excellent again this year. Most of the funds surveyed received a positive NPS, which is widely seen as a strong result in any industry.

“This is a great overall finding, but for super funds aiming to continue to meet and exceed member expectations, the Survey also revealed a number of insights into what members value most.

“Service was the number one driver of satisfaction, with members citing reliability, a strong reputation or brand and responsiveness as most important,” Ms Davison said.

Ms Davison said that participation in the Survey, including analysis of results at the subsequent workshop conducted by Professor O’Sullivan, had once again proved to be of enormous benefit to funds. Funds looking to benchmark their performance and identify ways of measuring and improving member satisfaction and engagement were able to take away actionable insights which could be applied to their overall business strategy.

In conclusion, Ms Davison said that the results of the Survey, and in particular the findings about regret were unexpected yet very revealing.

“If Australians do not regret contributing to super and are ultimately happy with the outcomes that the industry provides for them, then super funds are doing what they were set up to do.

Which is great news for all Australians,” she said.

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[1] An NPS is a widely use measure of customer loyalty around the world.

Fund Executives Association Ltd (FEAL) and global asset manager T. Rowe Price have launched a National Resilience Program to foster sustainable leadership within the funds management industry.

FEAL CEO Joanna Davison said the initiative, proposed and sponsored by T. Rowe Price, aims to empower members with skills and insights to operate as resilient leaders in a challenging industry.

“The increasing incidence of stress in our lives affects our ability to perform on a sustainable basis,” Ms Davison said.

“Executives in super funds have had an unprecedented level of change thrust upon them in recent years including regulatory change, fee pressures and volatile market conditions; the list goes on and it’s not slowing down.

“At FEAL we don’t just focus on professional development, we also want to help members lead healthier, happier and more resilient lives, so together with T. Rowe Price, we’ve sought a way to address these very important issues and support at a personal, organisational and industry level.”

The Program will comprise keynotes at FEAL events, workshops, online materials and a Resilience Scholarship awarded to the fund that has shown most commitment to learning and personal growth within its organisation. The leadership team of the winning fund will receive a full day workshop on resilient leadership led by internationally acclaimed mental resilience expert and author Kamal Sarma, also CEO of strategic leadership development firm Rezilium, the Program’s facilitator.

Mr Sarma draws on his diverse education, corporate experiences and personal journey to inspire greater resilience and leadership in people. He will work closely with Murray Brewer, T. Rowe Price Head of Relationship Management in Australia and New Zealand, to execute the program.

“The business of investing is long-term with many ups and downs along the way, so we are delighted to share our experiences working with Kamal for the benefit of the industry.

“Investors place enormous trust in their superannuation funds and expect those who are responsible for them to perform resiliently over the long term, so it is vital we embrace the tools and insights that best equip us to stay the course and deliver best possible outcomes and experiences.”