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16 October 2025 by Georgie Preston

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More low-cost platforms expected: Tria

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More low-cost platforms and direct investment wraps will be launched this year, Tria says.

A greater number of new low-cost superannuation platforms that will be offered directly to investors is likely to be launched this year, according to Tria Investment Partners.

Tria managing partner Andrew Baker said AustralianSuper's introduction of a direct member option at the end of last year would be followed by many competitors.

"You don't want to give AustralianSuper too much of a lead," Baker said.

"Pandora's box has been opened and the first mainstream direct super wrap is out there now." 

The development of the technology was helped by the Future of Financial Advice (FOFA) reforms, which had eroded the position of financial planners as the main distribution channel, he said.

"Channel conflict issues are reduced by FOFA," he said.

"The removal of embedded remuneration has levelled pricing between the planner and direct channels. Fund managers and platforms should be less concerned about alienating planners when considering direct offerings."

But it was not just about choosing between financial planners and direct distribution, he said.

"Today's direct customer may want advice tomorrow," he said.

Financial planners themselves have also started to adjust to the new environment and some have embraced low-cost technology to run their practices.

"I saw this in action on a visit to a boutique financial planning practice in Brisbane just before Christmas," Baker said.

"It was the industry's worst nightmare - unhappy with platform costs and disappointed with many active managers.

"They are taking clients off traditional super platforms, setting up SMSFs (self-managed superannuation funds), moving from managed funds to ETFs (exchange-traded funds) and direct securities, and using Xplan to administer the business."