The popular micro-investing app, which lets users automatically invest their spare change into a diversified portfolio of ETFs, will fully integrate this super product into its existing mobile app.
Although a product disclosure statement is not expected to be available until March, Acorns Australia CEO George Lucas shared some details of the new product with Canstar.
“The average acorns user in the investment portfolio has experienced a 13.99% per annum return since inception,” he said.
“While other super funds might have higher returns, we see more along the lines of trying to encourage people to save money – it’s better to save 2% more than to find a fund manager that gets you an extra 2% in returns.
“In our opinion, this will have a much bigger impact on your retirement income.”
Mr Lucas said the super product will offer the same investment portfolios currently offered by the Acorns platform.
“This fund will basically just be a super wrap up, it will have exactly the same portfolios for your investment options and will also have the exact same fees.”
These fees at the time of writing include:
- An account keeping fee of 0.275%/yr
- An administration fee
- A trustee fee
- No establishment fees, switching fees or contribution fees
— Acorns Australia (@acornsau) May 16, 2017
There are currently 6 portfolio options to choose from, including an ethical ’emerald’ portfolio.
Acorns will also offer the standard term life, TPD and income protection insurance options with an easy opt-out.
Everything, Mr Lucas says, will be done through the app.
To pre-register for the Acorns Grow Australia Super, you can visit the Acorns site.
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