Industry superannuation fund members have gained the ability to appoint a financial adviser to manage their superannuation and invest on their behalf, using the UBS Direct to Member platform.
In a move that sees the industry and corporate super funds more closely replicate the benefits and features of a self-managed superannuation fund, members can appoint an adviser to transact and manage their portfolio and set the adviser service fee and how frequently it is to be paid, in accordance with their fund’s policy.
The UBS Direct to Member platform was launched by UBS Platform Solutions Group and custom built to allow super fund members to invest directly in Australian shares, exchange traded funds, term deposits and cash investments. Its clients include AustralianSuper, HOSTPLUS and Telstra Super.
The latest enhancements to the platform will ensure the member retains full control of the advice relationship, with the flexibility to approve or cease adviser access to their account. They can set the adviser service fee and how frequently it is to be paid, in accordance with the industry fund’s policy.
Unlike traditional master trusts and wrap accounts, which were built for intermediaries, the UBS platform puts control in the hands of members and their super fund, according to Paul Souter, head of strategy and distribution, UBS Platform Solutions Group.
“This platform aims to bridge the gap between the typical industry fund and a self-managed superannuation fund,” he said.
UBS currently provides its Direct to Member platform to AustralianSuper, HOSTPLUS and Telstra Super. There are approximately 12,500 AustalianSuper members who have invested $700m using the platform.
The group is in negotiations to sign up several new industry fund clients.
In the next 12 months, UBS plans to expand its investment menu to include all ASX-listed securities, not only the top 300 stocks. Additional functionality will include the ability to pre-set the automatic rollover of term deposits to a preferred issuer or best available rate.