Superhero to disrupt $3 trillion superannuation industry
Australian online investment start-up Superhero is looking to disrupt the superannuation industry by launching a technology-enabled retail super fund that offers Australians the ability to choose their superannuation investments without the need for a self managed super fund (SMSF).
Superhero has partnered with Diversa, OneVue and Open Markets to support the Superhero Super retail super fund. OneVue was recently acquired by ASX-listed technology company Iress.
Superhero’s offering provides an alternative to the traditional SMSF structure giving members access to invest in listed shares, ETFs and LICs, and the ability to invest in a way that reflects their values and desire for exposure to global and domestic investment opportunities without the cost and burden of administration, accountants and auditors.
Superhero will offer a highly competitive and transparent fee structure with some of the lowest brokerage rates in Australia at just $5 per trade.
Co-Founder and CEO John Winters said, “We are here to disrupt the status quo. We started with online share trading with our $5 flat fee brokerage and now moving into the superannuation industry with ultra-low fees, full transparency and maximum control.”
The Superhero platform will offer members the ability to seamlessly rollover their super from their existing industry or retail fund to Superhero’s accessible, intuitive and easily understandable platform.
Mr Winters said, “In Australia we have an established culture of DIY investing but the habit of defaulting into employer super and the headaches and barriers to entry of an SMSF have left investors without a feasible self-directed option.”
“This is the first time all Australians can truly engage with their super and it comes without the need of an SMSF.”
Members will be able to invest their super into Australian shares and ETFs as well as global themed and sector investment options like battery technology, bio-medical and sustainable investments.
Mr Winters said, “Australians have been sold this idea that old men in suits, or ‘grown-ups’ have to run their super and take a cut at each step of the way, while we invest our non-super assets at our own discretion at significantly lower cost. We don’t support this idea.”
“Superhero Super delivers a deliberate shift from the prohibitive, jargon-led culture of the superannuation industry toward a low cost, transparent and controlled experience for all members.”
While advisor-led platforms are not new, Superhero is featured differently with accounts that are highly autonomous and do not require an advisor to operate. Members will be able to invest their super in line with their preferences, select a diversified investment portfolio or choose a bit of both.
Superhero Super will be available to Superhero customers from early next year. Fees are yet to be disclosed.
