A new entrant to the multibillion-dollar financial services industry is readying for a $5 million pre-IPO funding round.
Promising to deliver a game-changing “financial adviser-friendly” solution, TOMORROW Super is bracing for launch with a $5 million pre-IPO funding round.
In a statement issued on Tuesday, the new fund revealed Crescent Wealth has acquired an 8 per cent stake in the recent raise and will become TOMORROW’s maiden white-label platform client.
TOMORROW promises to bring a neo-banking customer experience to the world of superannuation and investment.
It is the brainchild of former BT Financial Group executive Wes Hall and chaired by former King & Wood Mallesons managing partner Frank Zipfinger.
“There are three undeniable trends when it comes to investing in Australia: economic activism through ESG investing, low cost, and the rise of the self-directed investor — and TOMORROW will deliver on all three,” said Mr Hall.
According to him, the platform’s target market has parallels with those who typically establish an SMSF, usually in the 35–50-year-old age bracket.
“The platform offers many self-managed super fund attributes but without the hassle and high costs,” Mr Hall said.
“We believe that by offering greater choice, transparency and control with a consumer-led and financial adviser proposition, we can help address the current difficulties Australians face with their super.”
As for advisers, Mr Hall is confident TOMORROW could be ideally placed to benefit from the transition to episodic advice that is complementing traditional advice models in a dislocating market.
“TOMORROW is positioned to take advantage of the changing dynamics of investing and financial advice in a way that builds a better consumer outcome,” he said.
“We know that the Australian superannuation industry has changed little over 40 years. It’s currently highly overpriced for what you get, and the customer experience and investment choices tend to be an afterthought, so it’s difficult to differentiate between funds. TOMORROW, when launched, will change this.”
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