Newly launched firm All My Funds (AMF) will offer a service in the superannuation industry that rebates commissions charged by advisers and offers shorter statements of advice.
The Queensland-based firm will target 30- to 45-year-olds who are using retail funds instead of industry funds.
An annual fee of $385 will be charged to investors with all adviser fees, commissions and trails rebated to the client.
"Our discount broking model effectively transforms retail funds into industry funds," AMF managing director Wayne Robinson said.
Clients will also receive a 25-page statement of advice (SOA) that provides a comparison between the person's different retail funds and projected retirement incomes. The SOA will, however, be restricted to advice relating to superannuation.
AMF currently has 22 retail funds on its research list and aims to grow the list further.
"Our focus is on retail funds, wraps and master funds, we won't be providing any information on industry funds," Robinson said.
He said that already financial planning firms are interested in working with AMF.
"These firms normally look after those people who are wealthy. We are effectively taking the cost off them by servicing their customers who are not high net worth," he said.
AMF will also offer clients a service that will consolidated their multiple superannuation accounts and roll them into one superannuation fund.
"After the choice of fund was offered, we saw an opportunity in the market. Suddenly people had so much choice and we wanted to make this accessible to people," Robinson said.
The business has six employees and is currently hiring business development managers.
