ING launches self managed super service for adviser market

ING has launched a self managed superannuation service to assist advisers meet the wealth creation needs of clients who want more control over how their retirement savings are invested under the new tax-effective super rules.

ING’s DIY Super Service will be offered through advisers and will allow individuals to establish and managed their own super fund with the assistance of a financial expert.

In conjunction with their adviser, ING’s DIY Super Service clients will be able to:

• take advantage of more sophisticated wealth management accumulation and investment strategies;
• ease the burden of the day-today fund administration and compliance issues;
• access a wide range of investments, limited only by the Superannuation legislation
• maintain control over all aspects of their fund;
• view a wide range of up-to-date member and fund reports on-line.

ING’s DIY Super Service, to be administered by ING’s specialist SMSF provider SuperConcepts, can be structured to invest in direct shares, property, managed funds or asset classes that most retail funds are not be able to access, such as direct ownership of real estate, artwork or collectables.

The service also offers generous fee reductions if investments are made into some of ING’s award winning products.  Competitive fees, combined with these discounts, can provide clients with a very affordable alternative to other more traditional super products.

Self managed super has become one of the most effective forms of wealth creation available and has exploded in popularity as a result of changes that have made super much more tax-effective, particularly for those aged over 60.

More than 35,000 self managed super funds were set up in the year to 30 June, an increase of around 70 per cent on the same period a year earlier, according to statistics from the Australian Tax Office.

David Kan, ING’s Head of Product & Strategy for Personal Investments, said the service would free up clients and their advisers to focus on the investment strategy of the fund and the wealth strategies of the members.

“Self managed super is becoming an increasingly popular choice for investors who want to have control of how their retirement funds are invested,” he said. “But managing your own super can be complex, and sometimes things can go wrong. That’s where a professional adviser, combined with an experienced administration service, can take the hard work out of going it alone.”

“Self managed super requires more thought, and perhaps more nerve, than simply sticking to traditional super products and it pays to have sound advice every step of the way.”

Mr Kan said advisers can play a crucial role by developing tax-effective investment and financial planning strategies, setting performance targets and managing ongoing investment risks on behalf of clients.

Advisers who differentiate themselves by offering diverse assets and investment strategies are most likely to benefit from the current boom in self managed super. And with the large number of younger investors now starting to manage their own super, there is an opportunity for advisers to hold on to this “sticky money” for many decades to come.

Advisers can add value to a client’s Self-Managed Super by assisting with the fund’s investment strategy, asset allocation and providing advice on assets which are unique to the self-managed fund environment.  They also provide valuable assistance when commencing a pension and during retirement phase.
 
“The whole point of having self managed super is to enjoy the advantages of flexibility, insurance and tax benefits that can come with assuming control of your own investments.

“Self managed super can give you greater control over your investments, a wider choice of assets in which to invest and the potential to retire with a sizeable nest egg for your effort.”