Lines of communication “open” with industry funds

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Online investment management and administration specialist OneVue has announced it has opened up the lines of communication to industry funds.

The offering is designed to help industry funds give members greater choice and flexibility, and counteract any exodus of members who are leaving the funds in favour of setting up SMSFs.

“Industry fund do not want to lose their members to SMSFs,” a OneVue spokesperson told Wealth Professional. “We can work with industry funds to give their members greater control and flexibility with their investment making decisions.”

OneVue CEO Connie Mckeage said with the SMSF industry worth more than $530 billion in Australia today, it’s hard to deny the impact it’s having on the wider superannuation community.

A major part of the company’s operations is providing SMSF, retail super and member based solutions, and from speaking with clients it’s not always specifically an SMSF that attracts investors, but the greater control that comes with it, she said.

“While there has been a lot of debate around the suitability and flexibility of certain types of super funds, we believe you should be able to retain your industry fund membership and if desired be able to opt for increased choice when it comes to investment making decisions,” Mckeage said.

Industry funds can enhance the member experience through the provision of analytical tools, education and research, she said. And because OneVue isn’t aligned to a big institution, members aren’t locked into set menus that favour proprietary products.

The spokesperson said this new offering to industry funds won’t threaten SMSFs.

“Our wealth management interface provides something in-between. It offers less responsibility than what comes with an SMSF, but greater choice than what the average super fund can provide.”

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