Asgard adds untaxed trusts to investment menu
The Sealcorp owned master trust and wrap platform, Asgard, has added a range of untaxed trusts to the list of investment options it offers superannuation clients.
The move, in the pipeline for up to a year, marks a complete departure for Asgard, which up until now has offered only pooled superannuation trust (PST) investment options to superannuation clients.
Unlike PST vehicles, untaxed trusts deduct taxes at each individual investor’s account level, rather than at the level of the superannuation product itself.
Sealcorp director of marketing Kate Mulligan says the addition of the trusts will stretch the number of investment options offered by Asgard to over 200.
“There are some products that you can only get at an untaxed level. Contrastingly, there are some products you can only get as a PST. So by having both, advisers have more flavours to choose from,” Mulligan says.
The trusts may also be a boon for advisers looking to transition retiring clients from a superannuation account across to an allocated pension product, where all investments have to be made through untaxed trusts.
Mulligan says investors who use the untaxed trusts will be able to transfer from a superannuation account to an allocated pension without needing to sell down their investments and attract capital gains tax and other transaction costs.
“The expansion of the Asgard investment menu to include untaxed options for super is yet another enhancement aimed at providing financial planners maximum flexibility in managing the portfolios of their clients,” she says.
Recommended for you
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
