National peak body Engineers Australia has renewed its member services agreement with boutique financial planning group 2020 DirectInvest.
The Sydney-based firm will continue providing low-cost investment services to the association's 80,000 members.
The boutique had saved Engineers Australia members more than $2 million over the past decade by eliminating entry fees and unnecessary adviser service fees, 2020 DirectInvest managing director Michael Lannon said.
"With almost 80 per cent of financial advisers owned by institutions it is important for investors to be able to separate investment advice from product sales and 2020 empowers members to do just that," Lannon said.
The planning firm negotiates special fee arrangements for clients by aggregating the investment buying power of members.
The 2020 DirectInvest product BlueChip20 was a big hit with members, Engineers Australia marketing director Jamie Penrose said.
It enables members to access a portfolio of Australia's top 20 companies with an initial investment of $5000.
"The low cost of access along with individual ownership of the underlying shares should be particularly appealing to our young members wanting to get started on saving and share investing," Penrose said.
Services 2020 DirectInvest offers to help members save cash include 100 per cent entry fee rebates on most managed funds and superannuation funds, free access to research and discount margin lending rates.
