RaboDirect and Cavendish Superannuation have joined forces to offer a new online facility for self-managed superannuation fund (SMSF) trustees.
Called Online SMSF, the service initially provides an establishment service for individuals without an SMSF where Cavendish draws up all of the necessary legal documentation, such as the trust deed, and a cash account for the fund is set up using the RaboDirect High Interest Savings account.
"We see a lot of funds that have been established without any understanding of what had to be done and how it needs to be put together and how it should be maintained. From an industry point of view it's very important for the industry players to make sure we look after this, otherwise it could cause all sorts of issues," Cavendish managing director Andrew Hamilton said.
"We don't want funds being non-complying because it's not good for the overall industry."
From there, the SMSF investor has instant access to the entire RaboDirect product suite that includes term deposits and wholesale managed funds.
However, RaboDirect Onine SMSF allows SMSF members to choose whichever investment options they like regardless of whether it is part of the organisation's product range or not.
Furthermore, trustees can elect to satisfy their SMSF cash account requirements with an alternative product provider if so desired without penalty.
In addition, the SMSF client has the choice to continue to use or decline to use Cavendish for the ongoing fund administration.
SMSF clients will be charged on a user-pays basis for the services they elect to use after establishment.
"We're really pleased to be able to launch the RaboDirect Online SMSF with Cavendish. We honestly believe we're turning the control back to the financial consumer, empowering them to make their own choices," RaboDirect Australia and New Zealand investments manager Tim Hewson said.
"It provides them with flexibility and functionality and is cost effective."
