Two months after its Australian launch, micro investment company Acorns plans to give its users the ability to make voluntary contributions into their industry superannuation account.
Acorns has engaged the Association of Independently Owned Financial Professionals (AIOFP) to assemble a panel of industry superannuation funds to participate in a pilot program.
"Given the success of the current app for non-superannuation investments, Acorns will be adding functionality in the near future for users to make voluntary contributions into superannuation from their Acorns account," Acorns Grow Australia director George Lucas said.
Acorns uses a smartphone application to allow small changes to be invested into ETFs. So far, it has resonated with investors, attracting around 70,000 users, with 70 per cent under the age of 35, Mr Lucas said.
AIOFP manager industry fund relationships Barbara Ryland said Acorns was an exciting and innovative way for members to increase their retirement savings.
"We will be approaching a select group of industry funds with a younger demographic who are more amenable to using technological advances," Ms Ryland said.
The Australian launch is a 50-50 joint venture between Acorns Grow and Australian investment firm Instreet.
Acorns Grow Australia will be responsible for the app's promotion and distribution in Australia.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 18 Aug 2017ASIC permanently bans former AMP adviserBy Staff Reporter
- 18 Aug 2017IRESS announces first half resultsBy Jessica Yun
- 18 Aug 2017Banks the key to closing advice gap, Tria saysBy Larissa Waterson
- 18 Aug 2017Adviser ethics certification launchedBy Staff Reporter
- 18 Aug 2017Banks evade FOFA, industry funds claimBy Larissa Waterson
- 16 Aug 2017UBS appoints head of wholesale distributionBy Staff Reporter
- view all