A new app has launched in Australia today giving users the ability to easily establish a self-managed superannuation fund (SMSF) online, see an up-to-date view of their portfolio and its performance, and change their portfolio at any time.
Backed by well-established investment managers, Elston, and SMSF providers, Superfund Partners, Superstash offers a unique set of features that will bring a new meaning to self-managed super. It is the first of its kind in Australia, representing an exciting development in financial technology (Fintech) in the often-ignored super space. Superstash is currently in beta release for iOS, with an Android app launching later this year.
Kris Kitto, Head of SMSF for Superstash, said the newly developed app provides a low cost way to make self-managed super more accessible and transparent for people interested in taking control of their retirement savings.
“There is a lot of talk around the next generation to retire being disengaged with their super. What we see is that the industry hasn’t given them a platform to be engaged with.
“So we built one.
“Being Australia’s first automated SMSF app to combine the taxation and investment component, we wanted to ensure we streamline everything possible to make it easier for users to engage with the things that really matter,” Kitto said.
“We handle all the paperwork and red tape, and a few weeks later a customer’s super balance is transferred and ready to be invested – from the users end it’s that simple.”
Up to four people can be members of a Superstash SMSF and the recommended minimum total balance is $200,000. Through the app users can view their SMSF portfolio. Rather than select individual stocks to invest in, Superstash provides portfolio options – from the stable and conservative through to those that target growth. Superstash portfolios provide direct access to a mix of Australian listed shares, property trusts and exchange traded funds (ETFs). Portfolios are proactively managed and rebalanced using sophisticated series of processes. Most importantly we’ve included a retail insurance solution so people don’t lose their insurance cover when moving to an SMSF.
“The goal is to streamline the SMSF process so it’s seamless,” Kitto said. “But also to offer a robo advice solution backed by experienced partners to guarantee investor security, trust and confidence. The investment managers backing Superstash – Elston – have significant expertise in managing SMSF investments as well as scale, managing well over $1B in individualised portfolios. In addition, Superfund Partners has significant experience when it comes to the set-up, administration and management of SMSFs.
“There’s so much attention on Fintech with numerous apps giving people better control over their finances,” Kitto said. “We’re proud to be the first to introduce Fintech to super – an area that needs the biggest boost when it comes to engagement.”
