Financial advisers and accountants will be able to service, and transact for, members of AustralianSuper, HOSTPLUS and Telstra Super, with enhancements made to the UBS Direct to Member platform.
UBS Platform Solutions Group, the securities trading and investment administration arm of investment bank UBS, developed the platform to provide super fund members with greater investment choice and control, and to help APRA-regulated funds prevent the loss of members to the self-managed superannuation fund sector.
The platform allowed members to directly invest in the Australian Securities Exchange’s top 300 stocks, exchange traded funds, cash and term deposits.
The latest enhancements now allow members to appoint an adviser to transact and manage their portfolio and account.
Unlike traditional master trusts and wrap accounts, which were built for intermediaries, the UBS platform puts control in the hands of super funds and their members, Paul Souter, head of strategy and distribution, UBS Platform Solutions Group said.
“This platform aims to bridge the gap between the typical industry fund and a self-managed superannuation fund,” he said.
With the UBS platform, the member retains full control of the advice relationship, with the power to approve or cease adviser access to their account at any time. They can set the adviser service fee and how frequently it is to be paid, in accordance with the industry fund’s policy.
Souter said the catalyst for the latest enhancements was the desire of industry funds to improve their advice proposition for members.
“Every fund we speak to wants to broaden the services they offer to members and advice is a big part of that,” he said.
“Our key priority is to ensure that industry funds are able to provide their members with the right tools and information to make informed and appropriate investment decisions.
“Enabling meaningful advice relationships and improving the quality and timeliness of information is the beginning of this strategy.”
UBS currently provides its Direct to Member platform to AustralianSuper, HOSTPLUS and Telstra Super. The group is negotiations to sign up several new industry fund clients, Souter said.
In the next 12 months, UBS plans to expand its investment menu to include all ASX-listed securities, not only the top 300 stocks. Additional functionality will include the ability to pre-set the automatic rollover of term deposits to a preferred issuer or best available rate.
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