More investment choices could stop SMSF wave
A wealth management interface could stem the tide of members leaving industry funds to set up their own self-managed super funds (SMSFs), OneVue has claimed.
OneVue chief executive Connie Mckeage said clients are not necessarily attracted to an SMSF per se, but rather the feeling of greater control and flexibility that comes from it.
With the SMSF industry worth more than $530 billion, Mckeage said it was hard to deny its footprint on the superannuation industry.
“While there has been a lot of debate around the suitability and flexibility of certain types of super funds, we believe you should be able to retain your industry fund membership and if desired be able to opt for increased choice when it comes to investment making decision.
“Industry funds can enhance the member experience through the provision of analytical tools, education and research,” Mckeage said.
The wealth management interface offers members a range of managed funds, all Australian Securities Exchange listed securities - including exchange traded funds, term deposit providers, and account model portfolios from investment managers such as Perpetual and JBWere.
Mckeage added OneVue’s open architecture means it can include outside products and services in the solution, based on the funds’ requirements.
AUTHOR
Staff Writer
Recommended for you
Proposed legislative changes to safe harbour duty could result in advisers having reduced professional indemnity costs, a joint submission by seven major licensees said.
With 66 per cent of newly established advice licensees being sole advisers, what are the risks and legal ramifications to consider when taking the plunge into self-licensing?
Despite its popularity, only 1 per cent of financial advisers say they have often discussed cryptocurrency with clients, CoreData said, fuelled by concerns of heavy legal expenses if the product goes wrong.
AFCA and the CSLR have signed a memorandum of understanding as to how they will support an efficient financial services sector via the scheme.
