This comes after Raiz also launched a new product line for SMSFs which will offer investors a range of different investment exposures.
“We have established the process to allow SMSFs to invest in any of our investment products on the Raiz Invest platform, confident of their appeal because of the wide choice offered and the very competitive platform fee that includes all brokerage for unlimited trades, no switching fees and automatic rebalancing,” CEO Australia and group COO Brendan Malone said.
“To date, only individuals could invest with Raiz — it has more than 400,000 active customers — but by making our platform available to SMSFs, we are tapping into a very dynamic part of the financial services market.”
Raiz said it has traditionally appealed to the Millennial market, but with SMSFs it has an opportunity to grow with its customers and provide financial services to clients who are well on the way on their investment journey. The firm also said it already has a diverse client base that includes more than 30,000 clients aged 50 or over.
This comes after Raiz recently launched a Custom Portfolio offering in Australia, allowing clients to personalise their portfolios by selecting their own ETF and bitcoin target weightings.
“The uptake has been very encouraging, with more than 7,000 clients representing more than $28 million in FUM using this option since the late-January launch,” Mr Malone said.
“Offering a Custom Portfolio gives our growing client base greater choice. As we discovered after offering the Sapphire portfolio with bitcoin as part of the investment strategy, clients continued to ask us for more control over their portfolios. We believe Custom Portfolio will help meet this need.”
On 28 February, Raiz said it had a total FUM of $665 million and active customers over 405,000.
“Based on the growth rate in FUM in the last three months of 2020 and the momentum in 2021, we are quietly confident of reaching $1 billion by the end of calendar 2021 and believe the offering of a Custom Portfolio and targeting SMSFs will help achieve this goal,” Mr Malone added.
