The influx of millionaire members moving their retirement savings into industry superannuation funds has begun to slow, with retail super funds and wealth platforms regaining market share among affluent retirees, according to recent analysis by NMG Consulting.

Industry funds currently manage approximately 60 percent of assets held in accounts with balances exceeding $1 million as of June 2026. However, their previously steady growth in this segment has stalled, with retail funds capturing a larger portion of high-net-worth clients seeking broader investment options and personalised financial advice. Retail entities now account for six of the top 10 funds by concentration of million-dollar accounts, led by Macquarie and BT, which hold 8.8 percent and 7.3 percent, respectively, of such accounts.

Between 2016 and 2022, industry funds’ share of large super balances grew annually by 1 to 5 percentage points, and since 2022 it edged up a further two points. The total assets in super accounts exceeding $1 million have now reached $405 billion, more than doubling over the past five years. This figure excludes self-managed superannuation funds (SMSFs), which have attracted about $27 billion moved from industry funds over the four years to June 2026.

Retail funds have begun to stem the outflow of large accounts, supported by financial advisers who provide tailored services ranging from asset allocation to insurance and retirement spending strategies. Advisers note that the $1 million balance threshold is a common point at which couples seek professional guidance. Despite adviser numbers declining from a peak of around 30,000 in 2018, many practices are leveraging technology to maintain or increase client servicing capacity.

Lachlan Reardon, a partner at NMG Consulting, attributes the slowdown in industry funds’ dominance partly to improved adviser capabilities and the continuing shift of client funds to retail platforms. He suggests that growing client bases in the financial advice sector could redirect approximately $100 billion toward retail offerings, predominantly at the expense of not-for-profit industry funds. Reardon emphasised that without comparable service levels offered by external advisers, industry funds may face further challenges retaining high-net-worth members.

Data from the Australian Prudential Regulation Authority analysed by CoreData shows that $3.5 billion exited industry funds in the first quarter of 2026 alone, with a total of $15.8 billion leaving in the year to March 2026.

The Australian Financial Review Super & Wealth Summit held last week highlighted that wealthier Australians increasingly prioritise access to personalised advice and wider investment choices as they approach retirement. Andrew Alcock, managing director and CEO of wealth platform Hub24, stated that an expanding cohort of investors with growing nest eggs seek greater control, flexibility, and choice in how their superannuation is managed.

This trend toward retail options is occurring amid criticism of industry funds for service quality issues, including delays in claims handling and limited advice access. Concerns over returns have also driven some to transfer funds elsewhere.

Among the top 10 funds by prevalence of $1 million-plus accounts, six are retail funds, up from five in 2024. Hub24 has replaced Equip Super in the ranking. Macquarie leads the field with high-net-worth accounts representing 8.8 percent of its total member base.

Among industry funds, AustralianSuper, Australian Retirement Trust, and UniSuper have the largest numbers of millionaire members. AustralianSuper has more than 40,000 members with balances above $1 million, accounting for 1.1 percent of its total accounts. UniSuper, which serves the higher education and research sectors, holds the highest proportion of high-net-worth members among industry funds.