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.
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.