ING Direct's Living Super set to shake up SMSFs
A new retail superannuation product focused on value and online functionality has the potential to shake up the self-managed super fund (SMSF) market significantly, according to Financial Synergy chief executive Stephen Mackley.
The product in question is ING Direct's recently announced Living Super, a solution in which Financial Synergy has had key involvement.
According to Mackley, Living Super customers will be able to see their super balance alongside existing bank accounts when doing their traditional online banking.
Customers will be able to make contributions, switch investments, purchase insurance, invest in term deposits and conduct share trading online.
"I'm proud of how the team delivered on ING DIRECT's vision," he said.
"The level of integration for features such as insurance, term deposits and share trading in this product provides true straight-through processing for most transactions.
"This will contain costs, yet still deliver the flexibility and control that ING DIRECT customers are seeking," Mackley said.
He said that, in his experience, the prime motivation for any number of new SMSF trustees had been a desire to invest in term deposits, shares and exchange-traded funds.
"ING DIRECT Living Super will allow them to invest in all of these cost-effectively and without the administrative burden and high costs of an SMSF," Mackley said.
"It will be a very attractive product for many customers.
"The control and flexibility offered for extremely competitive fees has the potential to shake up the market, particularly in the self-managed sector," he said.
AUTHOR
Staff Writer
Recommended for you
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.
Underestimating the cost of insurance by almost $75,000 in a Statement of Advice is among multiple reasons that a relevant provider has faced action from the FSCP.
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
