# Competitive Flows and Adviser Influence: Dissecting Australia’s Super Landscape with David Bell

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Text version: https://stenobird.com/podcast/that-super-show-7318065/competitive-flows-and-adviser-influence-dissecting-australia-s-super-landscape-with-david-bell.md
Podcast: [That Super Show](https://stenobird.com/podcast/that-super-show-7318065)
Published: 2026-03-23T23:00:00+00:00
Episode link: https://thatsuper.show/21
Audio file: https://episodes.captivate.fm/episode/9abd2ad3-5ba9-4d34-8884-0c6d0c61259f.mp3
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Duration seconds: 2726

## Resource

#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 -…

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