Financial planning and funds management company Addwealth has today launched its own superannuation fund, the Addwealth Advantage Super Fund.

The new fund, open to all, offers advisers a single, streamlined platform that incorporates investment options of cash, income and growth with a wide choice of retail insurance providers.

In addition, members of the new fund will also have access to Addwealth’s market-leading, five-star rated Achiever Fund through their regular superannuation contributions without the minimum investment restriction of $50,000 usually required from superannuation investors to invest in the Achiever Fund.

According to Paul Foster, CEO and CIO of Addwealth, the fund has been established in response to demand from both Addwealth advisers and from investors in Addwealth’s Achiever Fund, who are frustrated by the lack of choice of insurance providers and products available from most superannuation funds.

“With consolidation and scale becoming the trend in the superannuation market, there is the possibility that large, homogenous “MySuper” style funds will soon be dominating the landscape so we wanted to be able offer something different,” explained Mr. Foster.

“We found that advisers were faced with a choice between recommending a super fund with strong performance but an insurance option which was either inadequate, expensive or in some way unsuitable to the client‟s needs or, where the insurance offering seemed suitable, fund performance was not.”

The Addwealth Advantage Super Fund’s important point of difference is the increased flexibility it gives members in purchasing insurance through their super, Mr. Foster said.

“The Addwealth Advantage Super Fund allows members and their advisers to select from a wide range of retail insurance policies through their super so they can find the insurance policy that suits them best, with no compromises. In contrast, most super funds only allow members to purchase a one-size-fits-all, cut-down super policy with no choice of provider that is not always adequate for their needs,” said Mr. Foster.

“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.”

Mr. Foster believes that the Addwealth Advantage Super Fund will offer advantages for advisers as well as their clients.

“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,” he said.

The Addwealth Advantage Super Fund is accessible through the Addwealth network of Financial Advisers.

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