Industry funds could enter platform space
Industry super funds have the opportunity to move into the platform space, but administrative and cost discrepancies need to be ironed out first, stakeholders believe.
Speaking at the Money Management Platforms and Wraps conference in the Hunter Valley, head of strategic development and innovation at AUSCOAL Super, Colin McGuinness, said given the right level of flexibility, there was no reason the transition could not be made.
However, current super fund administrative structures would not allow for seamless transactions and would need to be amended.
"You've got all sorts of models that are trying to fit into one system," he said.
"Simplicity has got to be a factor."
"We've got to also embrace some changes to our systems and our way of looking at things."
Industry Super Network policy and legal counsel, Richard Watts, said any incompatibility came down to cost.
"Industry funds are very cost sensitive. When I say they're maturing, they're still focused on member interest," he said.
"It's got to add value ... and it has to be something which has a user pays basis."
Despite this, the feeling from the industry is generally optimistic, Watts said.
"Things are changing, industry funds are maturing. We'll now find that industry funds are in a position where they will have engagement with the platforms industry."
Recommended for you
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
Iress has appointed Insignia Financial’s former general manager of master trust and insurance products as its newest CEO of superannuation, who will take over from Paul Giles.
