Online savings and investment bank, RaboDirect, has released an online self-managed super fund (SMSF) tool it is dubbing Online SMSF that it believes will empower investors to take total control of their superannuation.
Commenting on the product, Tim Hewson, Investments Manager for RaboDirect Australia and New Zealand, said it would bring much-desired flexibility to self-directed superannuation investors, as well as the ability to exert direct control over their retirement nest egg.
"Investors can tailor their SMSF set-up and administration to suit their needs. Putting the investor at the centre of their financial outcome is what empowerment means. It's that simple.
"Any set-up and ongoing costs are based on a simple, transparent user pays fee-based system," he said. "So customers won't get stung unexpectedly further down the line."
"That's not the RaboDirect way."
Accordingly, investors are not locked into bundled fee packages and instead get to choose what services they pay for. Such services could be ongoing administration and advice and, more importantly, the ability to choose from whom such advice and administration is purchased from.
Online SMSF will be backed by SMSF administrator, Cavendish, who will provide a full suite of supporting SMSF services to ensure that the obligations of trustees, be they compliance, administration or reporting, can also be professionally managed.
"For years, investors have complained of hidden SMSF costs, lack of choice and unnecessary complications," said Hewson. "Now a solution is available which puts the investor where they belong – back in control of their investment."
