Careers in superannuation – Andrew Proebstl – CEO, LegalSuper
Overview of career to date
I have worked around and in the superannuation industry since leaving university. I started with Arthur Andersen in their audit practice. I left Arthur Andersen to work with a client – Jacques Martin Industry – initially managing their fund accounting department and then in an account management role. From there I worked with Local Authorities Board (now Vision Super), Vanguard Investments Australia, then Legal Industry Superannuation Scheme (now legalsuper), another stint with Andersen and then back to legalsuper.
How did you get your first position in the industry?
My first role was with Arthur Andersen and it followed a series of interviews with the eight large chartered accounting firms. It was different back then. You had more than one job offer and you got to choose. Overall, for me, I felt the culture at Arthur Andersen suited me best.
How have you approached your career development, what are your key learnings from your journey so far?
Professional development is, of course, important. But in my experience, the most important and significant career development has come from wise advice from people that I have worked with. I also think that ‘difficult’ people teach you a lot too. They challenge you and sometimes they can make your work life fairly disheartening but there is nothing better than eventually winning them over and turning them into advocates for you.
What’s unique about legalsuper and what are your responsibilities as CEO?
Many things make legalsuper unique. We are a smaller super fund serving a white-collar profession that expects us to act with the highest levels of professionalism at all times. They are also highly engaged. Around 50% of total assets invested with legalsuper are invested outside our default investment options.
You have been CEO of Legal Super for 13 years. What has kept you engaged in your position?
legalsuper has changed a lot over the last 13 years. Seven other super funds have merged to create legalsuper. Over the last 13 years, legalsuper has gone from being a fund managing $194M to now managing $2.7B. The rate of growth and change has primarily been what has kept me engaged in my role. I’ve also found it very rewarding to be able to have been able to play a role in creating the driven and passionate team we have at legalsuper.
What are some of your highlights or lowlights during that time?
The highlights are, of course, the successes. The seven mergers. The creation of a national super fund for the legal profession.
In terms of lowlights, I’d have to say the global financial crisis triggered a series of consequences that had to be managed. At the same time, it certainly got people more focussed on their super, so maybe that was not all that bad!
I understand the need for regulation of the super industry, however there are times when I believe how this regulation evolves and is implemented needs more work. The average person thinks the government will just continue to tinker with the system and this creates uncertainty about the system. If the goal posts move, how certain can people be when they are planning for their retirement?
You lead a national team of approximately 20 staff. How do you attract, retain and develop talent to your business?
In the first instance, I think you need to position your organisation as an employer of choice. You need to be the sort of organisation that people view favourably as a potential employer. In terms of retaining people, it’s pretty simple you need make them feel their contribution is valued and give them the autonomy to excel in their role. Essentially, empower them for success. Talent development occurs across a number of forums including attendance at industry conferences, bi-annual team meetings and financial support for individual study.
Candidates we work with always appreciate career advice. If you could give one piece of advice about developing a career within the superannuation industry what would it be?
Diversity of experience! Get experience across as many areas as possible as you can. That will give you increased flexibility as your career in super evolves. It will also help you decide whether you want to focus on a particular part of the industry or take on a more generalist role.
What are some of the main opportunities and challenges you see for the industry over the coming year?
The opportunity for the industry is to transform the type of relationship it has with the people it serves (i.e. members). Members want more personalised information and advice. There is also now an even wider range of communication channels and for any given member super funds will need to figure out which channel suits them best.
In terms of challenges, investment markets are now more volatile and a low return environment prevails. Investment returns are a key deliverable for super fund members and super funds will need to carefully manage member perceptions of investment returns.
The other area the industry needs to focus on are retirement income products. In the past, a lump sum was seen as all that was needed, going forward members will want a retirement income that meets their needs. This will be a significant shift in how super funds operate and the outcomes they deliver to their members. Never a dull moment in the world of super!
Kaizen Recruitment is a specialist financial services recruitment firm and has partnered with numerous fund managers, superannuation funds, asset consulting and Investment research firms.
For further information please telephone our office p +61 3 9095 7157 or submit an online form.
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