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Industry funds face roadblocks in capturing advised flows

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24 June 2026 by Laura Dew, Super Review

Article link: https://www.superreview.com.au/industry-funds-face-roadblocks-in-capturing-advised-flows/

Over a quarter of financial advisers say they would be averse to recommending an industry or public sector super fund on their approved product list (APL), according to Adviser Ratings.

 

The latest landscape report from the research firm Adviser Ratings found AustralianSuper and Australian Retirement Trust (ART) – Australia’s two-largest super funds – each sit on roughly half of all advised APLs.  

ART also had the highest net promoter score among respondents. 

There was then a large gap to third place with 24 per cent of advisers using Aware Super and 11 per cent using UniSuper in fourth place. 

However, some 63 per cent said they were ‘very likely’ or ‘somewhat likely’ to recommend their clients move their super balance out of industry or public sector super funds. Only 4 per cent said they would actively act to retain money on these types of funds. 

In the last quarter, $10.4 billion was moved out of these funds and onto platforms instead and the firm said retail and platforms such as HUB24 which are more entrenched in the advice market are “significantly winning flows” out of the industry or public sector space. 

Likelihood of moving money out of an industry or public sector fund 

Very likely to move  36.7% 
Somewhat likely to move  26.3% 
Neutral  32.9% 
Unlikely   2% 
Very unlikely  4% 

Source: Adviser Ratings, June 2026 

This creates a challenge for industry funds as, while they hold the largest market share overall, this is not necessarily the case for advised flows where advisers opt to steer into funds with more flexible features and perceived better retirement income solutions.  

An earlier Adviser Ratings report from the second half of 2025 found HUB24, Netwealth and Colonial First State FirstChoice were the top three super funds by adviser net promoter score. 

Some 62 per cent of adviser flows went into retail funds compared to 22 per cent of the broader market flows. 

“This platform dominance extends across virtually all service categories, with advisers rating platform providers substantially higher on client experience, adviser support, functionality, and investment options than the industry fund options available to them. 

“Given the focus of platforms on building out advice-supported distribution over the past 20 years, with matured service offerings and built-for-adviser technology, this is unsurprising, with industry funds now in the process of trying to catch up.

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