No frills, no advisers
FORMER RetireInvest financial planner Glen Smyth has launched a new software product that could abandon the need for those in the lower-end of the superannuation savings bracket to consult financial advisers.
The PC-based software program, called MoneyIQ, has its own restricted dealer’s licence approved by ASIC, and boasts nil entry or exit fees.
The product features only three investment options for consumers to choose from, which Smyth says provides them with choice, but without being too complicated.
Smyth was one of the proprietors of RetireInvest in Balcutta in Western Australia, and a financial planner for five years before selling his practice in July 2001.
He found that many of his clients were cynical about having to pay fees when looking to consolidate their superannuation, especially those at the lower-end of the superannuation savings bracket with around $30,000 to $40,000 to invest.
Smyth says he is not looking to put advisers out of business, just to provide another option.
“There will always be people who need to see advisers, particularly those who are looking to retire, and those at higher levels of the market,” Smyth says.
“However, if there are people out there who feel confident enough to make their own decisions then they have the option.”
Smyth, who has also previously worked with Charter Financial Planning, says the service will not provide investors with any advice or recommendations.
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