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Addwealth launches in-house super fund
West Australian financial planning and funds management company Addwealth has launched its own superannuation fund to provide its advisers with a range of investment and insurance options.
The Addwealth Advantage Super Fund has a single platform incorporating cash, income and growth investment options and a variety of retail insurance choices.
Members will also be able to access Addwealth’s Achiever Fund through regular superannuation contributions without the usual minimum investment restriction of $50,000.
Addwealth’s chief executive and chief investment officer, Paul Foster, said the fund was established to provide extra choice to advisers over what was available in most large superannuation funds. Many funds had strong performance with an inadequate insurance option, or a suitable insurance option but weak performance, he said.
The Addwealth Advantage Super Fund allows members and advisers to select the best insurance option from a wide range of retail insurance policies, whereas most super funds only allow members to purchase a one-size-fits-all policy, with no choice of provider, he said.
“Buying your insurance through your super is advantageous for many people because preferable tax treatment makes it more affordable and accessible, so we feel that our fund will offer the best of both worlds in insurance — flexibility and affordability — combined with the excellent investment performance the Addwealth Achiever Fund can deliver,” he said.
“For advisers who have been forced to ‘mix and match’ multiple client needs, use multiple platforms and meet multiple administrative requirements because of the lack of insurance options available from most super providers, there’s now a single option that offers multiple choice through a single platform.”
AUTHOR
Mike Taylor
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