SimpleWRAP has launched a full service administration wrap with a flat fee pricing model, which the company claims is a first in Australia for both superannuation funds and retail investors.
The new service charges a flat fee, irrespective of account balances, which would mostly benefit investors with larger investments, according to simpleWRAP director, Krystina Weston.
Weston added that the current model of charging clients for administration based on a funds-under-advice model is outdated, and the flat fee approach is necessary in the current investment and regulatory environment.
"Given the direction of government reforms and the recent announcements from various industry bodies, we believe it's timely for the industry to rethink fees at every level, including wraps," Weston said.
This service was launched in conjunction with Equity Trustees Superannuation, which would provide superannuation support.
