HUB24 signals low-balance SMSF service

Platform provider HUB24 has signalled its intention to bring to market a new offering aimed at making self-managed superannuation funds (SMSFs) available to low-balance clients.

The new offering, likely to be available to financial advisers, seems destined to place the platform provider in competition with accountants who have been dominant in SMSF establishment.

The initiative has been flagged in the documentation surrounding HUB24’s full-year results and leverages of its acquisitions of Class Super and Now Infinity, with the platform provider describing it as delivering a cost-effective “integrated SMSF establishment, administration and investment solution”.

Investors have told that the new service is expected to be piloted in the first quarter of the new financial year.

It said the service is designed for clients who are keen to access the benefits of a cost-effective SMSF solution.

“The solution provides advised clients with a cost-effective, fully-integrated end-to-end service bringing together SMSF establishment, administration and investment administration,” HUB24 told investors.

It said the service was designed to act as an incubator and would “facilitate the transition to traditional SMSF services when appropriate”.

The platform provider said that service would “provide financial professionals with a new solution for their superannuation clients and enable them to service new customer segments”.