Six Park and Heffron argue the new service will help SMSF trustees in establishing an SMSF, with Heffron assisting on the compliance side and Six Park with investments.
CEO of Six Park, Patrick Garrett said the service offers a lower prospective entry point to setting up an SMSF as well as increased transparency for investors.
He explained: “Digital technology and automation are disrupting the wealth industry not because they’re new but because they meet a need for investors, reduce barriers to investment and reduce costs.
“Both companies are unaligned with any financial institutions and have shared values of trust and transparency. Six Park chooses investments based on what we believe is best for our clients, not any other incentive or commission. Heffron’s fees are fixed, independent of the size of the portfolio and do not include any commissions.”
With this in mind, he argued more investors will be considering fintech options that come with the higher levels of accessibility, transparency and trust that “should be standard in this industry”.
Co-founder and head of product at Heffron, Meg Heffron added that the two companies hope the service will simplify SMSF investing without “dumbing it down”.
She said this could be done by breaking through the complexity rather than pretending the complexity never existed.
“SMSFs… can feel complex if you don’t know anything about them but with the right partner it’s surprising how simple they can be,” she said.
The service will be available from this weekend accompanying an official launch at the SMSF Expo in Melbourne this weekend.