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With a younger cohort of Aussies leaning into the DIY savings vehicle that satisfies their hunger for control and oversight, are you equipped to capture and service this pool of millennials?
The big SMSF makeover
20 March 2023
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2 minute read
Since the advent of superannuation in 1985 the industry has battled with a PR problem. The super system in general has been forced to field accusations of being bland, tiresome and reserved only for those in the retirement phase. However, it’s time for a makeover and the millennials are here for it!
This cohort of younger Aussies are contributing roughly 10% of their salary to superannuation throughout their entire working lives whilst home ownership is famously being ebbed away in favour of avocado on toast. They’re a different breed so understanding the millennials should be on the “must-do” list for any savvy Financial Adviser wanting to capture the attention of this pool of potential clients.
A demographic with a thirst for information and a side of entertainment, a need for instant gratification and an ever-shortening attention span requires a different approach when it comes to the large but “distant” asset of superannuation.
Like the recent increase of Advisers moving to ‘Self Licensing’ in search of freedom and independence; could it be that this fresh-faced unit is looking for the same autonomy? If so, an SMSF could be the perfect vehicle to facilitate it.
The SMSF sector has long held views on minimum balance suggestions and that the complexity and responsibility require perhaps a more experienced Trustee. As technology evolves, however, we’re welcoming significant efficiencies meaning we can deliver simplicity, automation and integration at a reduced cost.
As a product provider, this is great news! It means the democratisation of this once “exclusive” vehicle for all superannuation investors and a fresh opportunity for you to support them.
So, what is an Adviser to do? Unless you intend on cutting together your first TikTok; engagement with this target market requires a new approach.
Simple and accessible SMSF products can provide your clients with the freedom to engage with their hard earned super savings. Leverage technology to ensure you can offer millennials the oversight they long for. For example, the SuperConcepts dashboard provides trustees with regularly updated insights on how their SMSF is performing, satisfying their urge for control and putting them in the driver’s seat.
Advisers who can educate their clients in a salient way, gift a basic understanding of SMSFs and foster the confidence to engage with their largest asset, will be delivering real value to this segment of the country. A combined effort by the SMSF industry to create simple, affordable administration solutions coupled with high quality, personalised financial advice delivers an attractive option for any millennial.
Just be sure to tag me in your next TikTok regarding member contributions!
Want to learn more about capturing millennial clients? Reach out to me at
Author: Sarah Pressler, National Manager Key Accounts, SuperConcepts
