ING's new super product to shake up the industryBY LINDA HAUSKEN | WEDNESDAY, 5 SEP 2012 1:10PMING Direct has launched a superannuation product that it claims will shake up the super industry because of its no administration, contribution or management fees features in its Balanced option. |
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AMP, CFS and Vision Super get the Epic Retirement Tick
|Three super funds, AMP Super, CFS FirstChoice and Vision Super, have joined the line-up of funds that have received the Epic Retirement Tick from Chant West and the Epic Retirement Institute.
Another C-suite member leaves Rest
|The super fund has seen another C-suite executive depart this week, following the chief financial officer's exit in August.
Brookfield AM managing partner calls time
|A Brookfield Asset Management managing partner, who at one point led the Australian private equity business, has wrapped up his 13-year tenure at the firm.
MLC Super cuts admin, investment fees
|MLC Super will cut administration and investment fees for members from October 1, with 511,000 members set to benefit from lower costs across its superannuation options.
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Cliff Man
HEAD OF PORTFOLIO MANAGEMENT
GLOBAL X ETFS AUSTRALIA
GLOBAL X ETFS AUSTRALIA
ETF Shares chief executive Cliff Man spent his career automating, building and challenging established systems. Now, he is betting that Australia's ETF market has room for something different. Vinny Vucago writes.







Clearly opaque, ticket-clipping, bundled fees are OK again. If your fair dinkum about fee tranparency, please post, clearly, on your website and in your PDS the actual quantum of that part of the "benefit" (read profit) ING derives from the difference between taking cash from the super product and lending this out as mortgages that will be used to cover your obvious costs. After all, this is return that would otherwise go to your fund's members' retirement balances if they were otherwise paying a tranparent admin fee.
Clever marketing, but as others before you (like Virgin Super) discovered, it will only carry you so far, and I'm very confident the one manager, passive, investment engine will underperform properly diversified strategies over the mid to longer term.
It will be interesting to see what approach ING takes to upselling clients into other investement options which generate a fee.
1.They clip the ticket on the returns - see bottom of page 27 and top of page 28 on the product guide, not the PDS.
2.They charge a buy sell spread.
3.Brokerage costs are deducted from the cash hub (which you must have)
4.Transaction costs may be included in the buy sell spread.