Betashares launches zero brokerage investment platform
Betashares has unveiled a new investment platform for self-directed investors, offering access to any ETF traded on the ASX - with zero brokerage.
The fund manager's new platform - BetaShares Direct - offers an "AutoPilot" feature, streamlining the process of setting up recurring investments, investing in professionally constructed diversified portfolios, and building bespoke custom ETF portfolios.
BetaShares Direct also provides investors access to the fund manager's investment insights and educational resources, empowering them to make informed decisions for wealth creation.
The platform opens for early access today with its initial features; however, Betashares plans to "significantly expand" its functionality with an array of additional tools and features aimed at helping self-directed investors meet their financial goals.
"The initial launch features of Betashares Direct will be joined by a growing range of tools and functionality that will allow investors at all stages of their investment journey to build robust and well-constructed portfolios," says Betashares chief executive Alek Vynokur.
He says the company is "actively exploring" the development of adviser-specific features, including a referral program to link investors with more complex needs to advisers, which "will be added" in the future.
Betashares is actively engaging with advisers, seeking their feedback on the referral program, and gaining insights into which features would be most valuable to their practices.
The platform, developed in-house by Betashares engineering and product teams, aims to make the investment process as effortless as possible. It offers streamlined, personalised performance and tax reporting, thereby simplifying the administration and management of investments.
The launch of Betashares Direct follows the recent announcement of the group's agreement to acquire Bendigo and Adelaide Bank's superannuation business. Betashares views these moves as synergistic elements in its long-term strategy to broaden its reach within the financial services sector.
A Betashares spokesperson told Money sister publication, Financial Standard, that the immediate priority for its superannuation plans involves finalising the transaction and obtaining necessary regulatory approvals.
However, in the longer term, the company aims to explore opportunities to enhance the Direct platform's functionality, enabling engagement with customers throughout their wealth creation journey.
Betashares also indicated that it has "no desire" to move into the full-service adviser platform space.
"Our functionality is built around ETFs and ETF portfolios and is targeted at clients with simple financial needs. As such we have no immediate plans to consider the more complex features currently offered by full-service platforms," the spokesperson says.
Betashares says it "invested heavily" in the technology and product capabilities of the platform, including significant headcount being added to its team.
"The launch of Betashares Direct is another important milestone for us. We are proud to bring genuine innovation and choice to Australian investors, assisting them in making informed investment decisions and helping them reach their wealth creation goals," Vynokur says.
Get stories like this in our newsletters.