A room full of the most influential super fund chairs has been warned the guidance of an external financial adviser is going to be the biggest driving force of member switching in retirement – and it’s up to funds to offer better services to retain members.

At the Chair Forum, hosted by Professional Planner sister publication Investment Magazine, CoreData Research founder and global CEO Andrew Inwood said almost a quarter (24 per cent) of members are changing funds when retiring with financial advice being the key driver.

“Here’s the real reason people are changing superannuation fund, the most common reason is advice from a financial planner,” Inwood told the chairs.

The data found 63 per cent cited advice from a financial planner as the reason they would move, while 33 per cent cited access to better pension/annuity options, which Inwood said has risen through the ranks over the past few years.