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Appointments, Superannuation

Fintech hires ahead of expansion into SMSFs

Stake SMSF expansion

Australian fintech company Stake has hired superannuation expert Kris Kitto as part of its plan to move into the SMSF sector.

Australian fintech company Stake has unveiled plans to move into the SMSF market and has hired superannuation expert Kris Kitto to spearhead that expansion.

Kitto, who was most recently developing his own SMSF product catering to younger investors – GrowSMSF – has been appointed to the role of superannuation head of product.

As part of the appointment, he will continue to develop his superannuation offering under the Stake brand.

“Self-managed super doesn’t need to be a stuffy domain for the wealthy and mature cohort. As Aussies grab a hold of their financial health, it’s time they had some transparency and choice around the 9.5 per cent they contribute to super each month. What we’re building at Stake will give them that,” he said.

Stake chief executive Matt Leibowitz said development in the Australian superannuation space was “slow, cumbersome and antiquated” and it would seek to “challenge and redefine the space”.

Leibowitz said an increasing number of investors were keen to take more control of their superannuation, but regarded the establishment of an SMSF as a complex undertaking.

“Soon, Australians will be able to set up a SMSF without the high barriers of entry, no more minimum investment, no more hassle or difficulty investing super in global companies and markets, and no more legacy technology that lacks transparency,” he said.

“We’re going to break down the barriers to allow every Australian investor to be their own super fund and invest their super at a fraction of the cost. We have the opportunity to shake-up Australia’s superannuation industry for the first time in 40 years.

“Australians are out of the loop with their super. It’s their biggest life saving and they don’t have choice or transparency – that doesn’t seem right. Big industry funds and managers would have you believe it’s complicated and costly to reclaim this. It isn’t and it is time for change.”

Last month, fintech firm mSmart said its new mProjections tool would allow SMSF members who accessed funds under COVID-19 early release provisions to map the impact of that withdrawal on their retirement income as well as what changes to their investment mix would offset that impact.

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