Raiz eyes SMSF market with new investment service
Financial services platform Raiz Invest has launched a new investment portfolio offering aimed at SMSF investors which will allow them to personalise their portfolio and select their own asset target ranges.
In its update for the December quarter, Raiz Invest said it is launching a new product line which will offer investors a range of different investment exposures.
During the first quarter of this year, Raiz Invest chief executive George Lucas said the company has already rolled out its custom portfolio offering in Australia which allows users to personalise their portfolio by selecting their own asset target weightings.
“We are also targeting the $730 billion self-managed super fund (SMSF) sector, delivering a service that allows SMSFs to invest in any Raiz investment portfolios,” Mr Lucas said.
“We believe this is an exciting opportunity for SMSFs as we charge a very competitive platform fee that includes all brokerage for unlimited trades and automatic rebalancing.”
Raiz also began offering investors exposure to bitcoin during 2020 with the launch of its seventh investment portfolio called Sapphire.
Raiz Invest already has $81 million in superannuation money in funds under management based on the December quarter figures.
Overall, the company has $605.6 million in funds under management and is aiming to exceed $1 billion during the 2021 calendar year.
“We only exceeded $500 million in September 2020 and, based on the past three-month growth rate and new products, this goal is achievable,” Mr Lucas said.