Investment platform moomoo Australia is set to launch a multifaceted service for the SMSF sector that will assist people with market trading, fund establishment, administration and compliance.
The move comes on the back of a survey moomoo Australia conducted among 153 share market investors, whereby 24 per cent of respondents indicated they were interested in setting up an SMSF but had not done so because the process was too complex, with a further 21 per cent saying it was too expensive for them to do so.
A further motivating factor for the organisation to enter the space was the fact a further 24 per cent of participants admitted they would not know what an SMSF should invest in.
“There are clear, legitimate reasons that even those Australians familiar with share investing and interested in opening a self-managed super fund haven’t done so. We answer these concerns head-on with our trading account service, administration partner services and sophisticated investing resources,” moomoo Australia and New Zealand chief executive Michael McCarthy noted.
In launching its SMSF service, the platform provider is also looking to deliver artificial intelligence (AI) capabilities to trustees. This objective is in line with the survey result that showed 67 per cent of share traders would use AI in their SMSF investment activities.
However, the study revealed the use of AI would not be limited to investment decisions in SMSFs, with 33 per cent of participants admitting they would use the capability to help manage the fund and another 30 per cent saying they would use it to meet compliance requirements.
“Australians’ recognition of the power of AI to lessen the burden of managing a SMSF is particularly interesting given that they cite the complication of opening a SMSF as a leading reason for not doing so,” McCarthy said.
“This need comes at the right time for moomoo, with our AI assistant launching this month. Combined with the platform’s other AI-powered features, including our trend projection and market monitoring automation, we’re using the full power of artificial intelligence to really help investors make easier, smarter, more informed trades.”
The survey also indicated 60 per cent of individuals looking to establish an SMSF had appetite for including cryptocurrency in a super fund portfolio, another area in which moomoo is looking to provide assistance.
“There is strong investor interest in cryptocurrency. And the moomoo platform provides for them, with access to more than 26,000 securities across the Australian, US and Hong Kong markets, including a broad range of crypto-based stocks and exchange-traded funds,” McCarthy explained.
