legalsuper has launched a direct investment option (DIO) for its members, providing an alternative to SMSFs, the industry fund announced.
The DIO gives members flexibility to actively invest and build their own portfolio, according to legalsuper. Members can also invest up to 95 per cent of their account balance.
In addition, legalsuper members can now buy and sell S&P/ASX300 securities and shares, exchange traded funds (ETFs) and term deposits.
"Our members have a fair level of interest in how their super is invested, and so we're really looking to provide wide, diverse and cost-effective options that give them the breadth of choice that they're looking for," legalsuper chief executive Andrew Proebstl told InvestorWeekly.
Mr Proebstl said one of the key drivers of the DIO was to provide its members with an alternative to SMSFs.
"We think there are a group of people who, as long as you give them increased flexibility and diversity of options, you may be able to provide them something that they will see as an alternative to SMSFs," he said.
Mr Proebstl said the DIO is also a response to the needs of the occupation group legalsuper serves.
"Our members have a fair level of interest in how their super is invested, and so we're really looking to provide wide, diverse cost effective options that give them the breadth of choice that they're looking for," he said.
The move follows HostPlus allowing SMSFs to invest in its investment options, once plans to become a pooled superannuation trust (PST) are finalised.
