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Legalsuper launches direct investment option
Legalsuper has launched a direct investment option to give existing and prospective members an alternative to setting up their own self-managed super fund (SMSF).
The fund expanded its S&P/ASX200 option to allow members to buy and sell S&P/ASX300 shares, a range of exchange-traded funds (ETFs) and term deposits, and allow daily switching.
Andrew Proebstl, legalsuper chief executive, said that although a number of members would want to leave the fund to start an SMSF, some members wanted the flexibility of DIY investing without the administrative and compliance burden.
The fund needed to maintain its strong growth record in an increasingly competitive environment, according to Proebstl.
"There is no doubt that super funds like legalsuper are better equipped to attract DIY investors by offering an expanded and more diverse range of investment options and the ability to build their own portfolio without the compliance and administrative requirements of an SMSF," he said.
"Members can now invest up to 95 per cent of their account balance, and with daily trading they can trade in real time as and when they choose."
Members had reported they wanted the governance and controlled environment provided by the super fund without the administrative and compliance requirements.
Feedback included a belief that splitting retirement savings across shares and term deposits was a low risk way of investing due to current market conditions.
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