Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter

Bank hits back at APRA fund bosses

Miranda Brownlee
20 April 2015 — 1 minute read

After several APRA fund bosses claimed DIY options are ineffective at stemming SMSF leakage, one bank has hit back, suggesting direct investment options are an effective means to retain members for those wanting to “get their hands dirty.”

Late last week, SMSF Adviser reported that the chief executives of three super funds believe direct investment options for members of APRA-regulated superannuation funds are ineffective in reducing outflows to SMSFs.

In response to the article, ING Direct manager of business savings and superannuation, Tim Hewson, said when ING Direct conducted research into what the market and its customers wanted out of super, the same sort of feedback kept emerging – “control, choice and flexibility”.

Advertisement
Advertisement

“For those engaged with their super, they’re obviously looking to take an active part in the investment decision-making process and the types of investments they are looking for are obviously those offered by direct investment options, such as “cash, term deposits, and managed funds, shares, ETFs and LICs”, Mr Hewson told SMSF Adviser.

He said he is enthusiastic about the role direct investment options can play in creating wealth retirement solutions for the longer term.

“The research that everyone in the market’s done basically tells you the same underlying principle: those that want to get their hands dirty want to actually make the investment decisions,” he said.

“It was that type of thinking that obviously inspired us to dig a little deeper into what customers want and the same sorts of themes continue to pop up – choice and flexibility.”

 

Miranda Brownlee

Miranda Brownlee

 

Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.

Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years. 

Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.

You can email Miranda on: This email address is being protected from spambots. You need JavaScript enabled to view it.

Bank hits back at APRA fund bosses
smsf logo
smsfadviser logo
join the discussion

Latest poll

What is the best solution to improve access to SMSF advice?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.