Mobile-phone and tablet-based investment platform, Raiz Invest, has expanded its service offering and will now allow SMSF investors access to its range of investment products with a minimum investment of only a few dollars.
The company announced it would allow SMSFs to open accounts and invest into one of seven diversified portfolios after having been open to individual investors only since launching in 2016, during which time it has gained 400,000 active users.
“We have established the process to allow SMSFs to invest in any of our investment products on the Raiz Invest platform, confident of their appeal because of the wide choice offered and the very competitive platform fee that includes all brokerage for unlimited trades, no switching fees and automatic rebalancing,” Raiz Invest chief executive and group chief operating officer Brendan Malone said.
“To date only individuals could invest with Raiz, but by making our platform available to SMSFs, we are tapping into a very dynamic part of the financial services market.”
According to the Raiz website, SMSF investors will be able to invest, via the diversified portfolios or a custom portfolio, in shares, bonds and money markets, with the minimum level of investment set at $5, but they will need to first register by supplying the fund’s trustee details and its Australian business number.
The company stated the expansion to include SMSFs was part of a strategy to increase its funds under management (FUM), which sat at $665 million at the end of February, and follows the recent launch of its custom portfolios, which allow clients to select their own exchange-traded fund and Bitcoin target weightings.
“Based on the growth rate in FUM in the last three months of 2020 and the momentum in 2021, we are quietly confident of reaching $1 billion by the end of calendar 2021 and believe the offering of a custom portfolio and targeting SMSFs will help achieve this goal,” Malone said.
