New low cost super provider critical of advisers
First there was Virgin, now another low fee, low cost competitor has announced itself to the superannuation market by taking a swipe at the fees paid to financial planners.
Maxsuper is aiming at the same market as Virgin and is promising what it believes is a highly attractive fee structure of 1 per cent of account balances each year, and the abolition of entry fees, contribution fees, switching fees, withdrawal fees, exit fees, investment fees, and commissions to financial planners.
And, just like Virgin, Maxsuper has taken a swipe at financial planners, labelling their commissions “new Porsche fees”.
Flamboyant Virgin boss Richard Branson made similar claims about the fees charged by advisers while launching Virgin Super earlier this year.
One of the founders of Maxsuper is Andrew Barlow, who was also a founder of Internet company, Hitwise.
Barlow, who is chief executive officer of Maxsuper, said the fund wanted to provide Australians with a real and vibrant opportunity to seize control of their own financial destiny.
The fund reflects the Internet background of its backers, offering live web chats and 24/7 online access.
Money in Maxsuper will be managed by Barclays Global Investors.
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