Best-known as a separately-managed account (SMA) provider, OneVue is working with an industry funds veteran as it attempts to sell a more holistic investment vision into the not-for-profit superannuation space.

Paul Murphy, who spent a decade running marketing at UniSuper until 2010, has joined OneVue on a contract basis as it talks to not-for-profit funds about WealthVue, which claims to deliver visibility of a member’s full financial situation.

The WealthVue platform claims to consolidate reporting of all an individual’s assets, including superannuation, separate share portfolios, SMAs, and staples of self-managed super funds (SMSF) like artwork and holiday homes.

The financial planning practices of superannuation funds have an opportunity to court the trend of their highest net-worth menmbers leaving to establish an SMSF, Murphy told I&T News last week.

“It’s fair to say there’s a tendency within not-for-profit super funds to view SMSFs as a threat, but why couldn’t an industry fund become the investment vehicle for an individual who’s their own trustee?”

The CEO of OneVue, Chris Sperber, observed the advice generated by salaried planners at not-for-profit funds “tends to lean inevitably towards what the funds themselves can do”.

He said attempts to keep sophisticated members through the introduction of daily share trading was “madness…if you thinks that’s the answer to why some of your members leave, I don’t think you’ve heard the question properly”.

The type of member who’d consider establishing an SMSF did not necessarily want a “proliferation of choice”, Murphy said, but rather a relationship with their super fund which went beyond super and spoke to their individual financial situation, while preserving the scale benefits of purchasing investments and insurance through a collective.

 

 

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