New SMSF offering from SuperGuardian
Self-managed super fund (SMSF) administrator SuperGuardian has launched a second SMSF offering designed to capture the exponential growth in the self-directed investor space.
Commenting on the launch, SuperGuardian chief executive officer Olivia Long said she was excited to be offering a comprehensive product with a pricing structure to rival that of the cheapest provider in the market.
"Called Xpress Super, it will provide an SMSF service to rival the top end of the market with fees positioned at the lower end," she said.
"It will offer free SMSF establishment, no fees in the first year, an annual $799 fee thereafter, daily online reporting and one-stop-shop trading, accounts and compliance."
Long said that by developing a business model where a default trading platform, cash hub and term deposit service could integrate seamlessly, significant efficiency gains could be realised and passed back to the end client.
"Although SuperGuardian's service is a premium offering with distribution primarily through intermediaries, we're now ready to increase our presence at the other end of the market with an offering designed to capture investors running their SMSFs without an investment adviser," she said.
"Xpress Super is set to revolutionise this end of the market.
"We are pioneers with this level of offering in this space."
According to Long, Xpress Super will provide a superior daily online reporting service, leveraging off the online capabilities and data automation of Class Super software.
Rajarshi Ray, CEO of Class, said that he was excited to be welcoming Xpress Super as a Class Super user.
"For too long the SMSF industry and its participants have been held back by inferior, incumbent technologies that ill serve administrators and trustees alike," he said.
"The work of Olivia and her team is changing that perception through the launch of this service — and we are excited to be part of that story."
Long said that Xpress Super would partner with the Commonwealth Bank in terms of additional platforms.
"(We've) selected the CBA Accelerator Cash Account as the platform hub and will use Commsec Adviser Services' trading platform as the online share trading facility for clients," Long said.
"Australian Money Market has been selected to provide a paperless term deposit service, providing SMSF investors with online automated applications and simple switching between institutions.
"Xpress Super will also offer SMSF trustees a group insurance policy via the AIA SMSF Master Insurance Plan," Long continued.
"Xpress clients can access the benefits of a wholesale insurance arrangement, including a simplified application process and competitive rates."
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.
