Welcome to the revolution: meet the fintech founders disrupting super
Can Australians be trusted to manage their own retirement money?
Absolutely not, has been the guiding principle of Australia’s now behemoth $3 trillion superannuation industry.
We can neither be trusted to save enough for retirement – the government must forcibly extract 9.5 per cent of our salary for this – nor to manage those funds properly – we must pay a collective $30 billion a year to an opaque and hungry funds management industry to do that.
Well, younger Aussies have had enough, says John Winters co-founder of fintech startup Superhero, above the clatter of the coffee machine at a busy café on Hunter Street in Sydney.
While initially launched in September last year as a share trading site, Superhero will soon morph into a super fund – the clue is in the name – which aims to disrupt the superannuation industry by placing power in the hands of ordinary Australians to easily direct where they want their super contributions invested, be it in tech stocks, exchange traded funds (ETFS) or Superhero itself when it IPOs in the next 12 to 18 months.
It will be the first time Aussies can easily direct their own super investments outside of the high cost self-managed super fund environment or the self-directed investment options offered by some industry funds.
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