Snowball releases new wrap
Financial services group Snowball has just introduced a wrap account aiming to attract wealth accumulators, DIY super funds and corporate super funds.
Snowball managing director Tony McDonald says the online investment account strengthens Snowball’s suite of online investment products which also includes superannuation accounts, allocated pensions and financial planning tools, all of which can be integrated with face to face advice through Snowball subsidiary CIS.
McDonald says the wrap account will be used by advisers at CIS as well as advisers from other dealer groups.
“What differentiates Snowball from the few other online financial services providers is our ability to integrate the investment engine on our site with our financial planning and tax services through our wholly owned subsidiaries, financial planners CIS and accountants CWM.”
He says the wrap account will also be attractive to people who have set up their own DIY super plans.
“The problem with DIY super is that the people often have busy lives, and money tends to pour into them and sit in cash, not to mention how easy it is to lose track of it,” McDonald says.
The advantage of the wrap, he says, is that you know what you’ve got at a glance.
McDonald says some of the larger corporate super funds have shown a lot of interest in the online investment product.
“Everyone’s aware of the corporate super funds outsourcing to master trusts,” he says. “But there are also large corporate funds which want to hang on to their funds, but which are looking for total investment packages for their members.”
He says there has been a lot of interest from such corporates that are looking for products which use Snowball’s wrap, platform and online tools to present to their own members.
“The wrap completes the engine. We’re now putting additional services and developing online tools to accompany our investment options over the next 12 months,” McDonald says.
The Snowball wrap account has no minimum initial contribution and has an annual management fee of 1 per cent for the first $300,000 and less for amounts above. There is also a $1 a week deducted administration fee.
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