New tech-focussed super fund, Zuper, launches to compete with traditional funds
Zuper co-founders Jon Holloway, Eran Thomson and Jessica Ellerm.
Zuper is the latest player wanting a piece of the increasingly tasty millennial super pie.
Another digital super fund promising to shake up the traditionally stale super industry launches today. Zuper is a new super fund focussed on technology to engage young Australians to take a more active role in their retirement saving.
Zuper is fighting for a slice of the $2.6 trillion superannuation sector along with fellow millennial-focussed funds Spaceship and GROW Super. Like its rivals, Zuper will offer a digitally-advanced, mobile-friendly, hyper-interactive platform that makes it easy to consolidate funds, track fund performance and make top-ups.
However, a key point of difference is that Zuper is "crowd-powered". Zuper members will be able to vote on new investment options with input from a panel of investment experts. Plus, members will be able to vote on a range of future product features, effectively helping design the platform.
Zuper CEO Jessica Ellerm says, "Zuper aims to empower the millions of young Australians who have been ignored by the traditional superannuation industry... from day one we involved our future members in designing our investment options and that philosophy will continue going forward - we are powered by the crowd."
“Our new approach is backed by our research, which shows that people want to have more of a say about how their super is invested and are looking outside the discredited old-school financial services industry in light of the Royal Commission revelations," she said.
Zuper members will be able to invest in global trends and remove investments in industries they're not passionate about or that don't align with their personal values. For example, members can exclude investments in companies associated with gambling, pornography, alcohol and fossil fuels. Members will be able to invest up to 20% of their savings into three portfolio options: Health, Green and Tech, which were designed to be growth-oriented and future-friendly.
In an industry-first initiative, Zuper is also partnering with education providers to help members access discounts to courses and programs that will help fast-track their career.
“We believe we have a responsibility to help our members create prosperous lives now - rather than just in retirement. That's why we've partnered with the likes of General Assembly, Academy X, Zambesi and Switch L+D to help people power up their earnings, their careers and ultimately their super," said Ellerm.
According to an interview with The Australian Financial Review, Zuper's fees per year range between 0.99% p.a. and 1.18% p.a., which is in line with the industry average.