Independent wrap provider netwealth Investments (netwealth) has rolled out a new self managed super fund (SMSF) product, with planners, super trustees and accountants its main targets.
Self Super was rolled out last week after being in development for six months.
"It's been a soft launch now that we've finalised the documents and our national BDM (business development manager) team has been hitting the road speaking with our top advisers and dealers over the last week," netwealth Investments director - distribution and marketing Matt Heine said.
"We're looking to attract existing advisers, new advisers and accountants. Previously we have not had the opportunity to work directly with accountants but the new product opens up huge opportunities in this part of the market."
Heine said the company purchased the self managed super administrator KingFisher eight months ago and now administers around $300 million worth of SMSFs.
"We've merged our databases and are automating the product with our wrap service, the netwealth wrap," he said.
"The automation, online accessibility and single contact point are some of the key points as we'll be able to coordinate all aspects of the funds.
"We've also been working with DBA Butler's lawyers to co-ordinate solicitor services to the client reducing the chance of non-compliance and complications for trustees and financial planners in relation to fund documentation and structure."
Heine said netwealth's foray into the SMSF sector is in response to a gap in the group's existing super offering.
"We had the employer sponsored, personal super and income streams covered through the netwealth Super Wrap, so by bringing it all into a single structure it reduces time for the planner and trustee. Also, it's a huge growth market," he said.
Netwealth has 300 planners, across 55 dealer groups using its services. It has 10,000 investors, 250 of those clients invested through the SMSF offering, a figure Heine believes is on the rise.
"This number continues to grow exponentially. Our funds under management has close to doubled in the past 12 months," he said.
"The response to the new product has been fantastic and we have begun transitioning funds across for advisers already that are looking to streamline that part of their business."
