DKN revamps AustChoice Super
DKN Financial Group has relaunched its superannuation offering, AustChoice Super, and in the process slashed its management fees by up to 50 per cent.
“Since the merge ofAustChoiceandDeakinin January this year, the commitment from non-aligned dealers, along with that of the Deakin dealership, has allowed the company to negotiate lower fee structures with suppliers and reduced management fees for preferred products,” DKN chief operating officer, Phil Butterworth.
According to Butterworth the fee reduction allows the group to offer a full service superannuation master trust at ‘baby-wrap’ prices.
He adds the fee reduction has come about partly from negotiating better deals with suppliers in light of its funds under management increasing from $1.5 billion to just shy of $2 billion.
The AustChoice super product is on the SMSF wrap used by DKN, with the firm also offering Avanteos and BT platforms as preferred suppliers to advisers in the group.
The relaunch of AustChoice Super will offer more than 100 managed funds and 150 direct securities.
Butterworth says there is a new, tiered fee structure with significant discounts for higher value accounts.
The new, ready-made portfolios will give a further 50 per cent discount on the management fee, in addition to the existing discounts for new business he says.
The dealer group is planning to relaunch all its products, although Butterworth does not reveal which of the recently merged group’s offerings is next in line.
Recommended for you
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
Australian licensees are expected to make greater use of custom model portfolios for their clients, according to State Street Investment Management, following in the footsteps of US peers.
Adviser Ratings has argued that it’s time for more advisers to utilise digital engagement tools available to them as a disconnect grows between consumers seeking advice from finfluencers and from professionals.
