The Selfmade Story
A lot of people ask us why Selfmade was started. Superannuation is complicated, so why bother with it, right? Well, as with many self-made things, our simple and easy to use online platform didn’t happen overnight. Selfmade is the result of hard work, lots of thinking, and an undying pursuit of a solution to this question: how could superannuation be done better?
Read on to find out how (and why) Selfmade came to be.
We noticed there was something wrong with super
Selfmade’s CEO, Robin Huender, was unsatisfied with the state of Australia’s superannuation industry. Having been involved with financial products and investment banking for over ten years, he noticed that there wasn’t enough transparency in the industry. Large super funds weren’t responding to the needs of modern investors. Robin came across so many frustrated people who wanted direct access to their super to ultimately have freedom and control over their financial future.
Self managed super funds (SMSFs) seemed to be the answer to these problems but have until now come with their own griefs. Managing your own SMSF often looked like paying an accountant high fees for administration of the fund. Getting an update on the progress of your SMSF may have involved booking an appointment a few weeks ahead, only be to given basic information. In summary: the industry was closed off, confusing and uninspiring.
Clearly, something had to change.
Turns out, we weren’t the only ones to notice
The 2017-2018 Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, plus ongoing regulatory changes, have created upheaval for traditional businesses in accounting and financial services. Superannuation has made up 12% of submissions into the Royal Commission*, and reforms are likely, especially for large super funds.
Putting aside regulation changes, the superannuation industry has been slow off the mark when it comes to adopting solutions posed by technology. Australia is a leader in the FinTech space and has an effective superannuation system which has forced national retirement savings of over $2.5 trillion – yet these two things haven’t had much of a relationship so far.
It’s high time super found an answer in FinTech.
Robin’s experience, coupled with a passion for FinTech and prior success with loans FinTech business MoneyMe, set him on a path to figure out how he could begin to reshape SMSFs and financial services into something more accessible and easy to understand.
The result? We built a platform that allows you to keep an eye on the money in your self managed super fund anytime, anywhere. It’s directly integrated with leading financial services from Macquarie Bank and Class, giving you secure access to investment options through well-established partners. Selfmade is more affordable than traditional self managed super (through an accountant) and helps you take control of your finances, while remaining compliant.
At the end of the day, super money is your money. We want to give people ownership and control over how they invest and plan for their future. Selfmade has been designed to do just that.
Curious to learn more? Find out how it works with Selfmade.
* 12% as of September 2018, https://financialservices.royalcommission.gov.au/