Netwealth superannuation

netwealth super logo

Netwealth is a wealth management company which offers retail superannuation products to Australian customers. It describes itself as a fast-growing fintech (financial services technology company) and membership is open to all.

Types of Netwealth Super accounts

Super Accelerator is the main product available to Netwealth super members. It gives members access to two main investment options, namely: 

  • Super Accelerator Core, which features investments in term deposits and Netwealth Global Specialist Funds.
  • Super Accelerator Plus, which offers the same investments as Super Accelerator Core while also allowing for investments in managed funds, ASX-listed shares, international shares.

Some of the other features offered by Netwealth on both of these investment options include: 

  • Group life, total and permanent disablement (TPD) and income protection (IP) insurance. As with any insurance product, consider checking the cover amount, any exclusions, limitations or other conditions that may apply, as well as the premiums you would be charged, before deciding whether it suits your needs.
  • Retail life, TPD and IP insurance cover tailored to your circumstances, which Netwealth says is “provided from leading insurance providers”.
  • Comprehensive reporting 
  • The ability to access your account via PC, mobile or tablet. 

How to join Netwealth super

Before committing to a particular fund, consider comparing your options with Canstar and checking out our choosing a super fund checklist. You can also read Netwealth’s product disclosure statement (PDS), which could help you decide whether its product offering is suitable for your needs.

If you decide to join Netwealth super, you can follow the prompts on its website to either speak with a consultant or fill out an online registration form. 

You may be asked to provide personal details such as your first and last name, date of birth and contact information. 

Finally, remember to tell your employer that you’ve joined Netwealth. Your employer should give you a Superannuation Standard Choice Form to fill out, sign and return to them.

Be sure to compare super funds on the Canstar website and check our choosing a super fund checklist before signing up for a particular superannuation account.

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Netwealth Superannuation FAQs

Netwealth Superannuation Services Pty Ltd is the trustee of the Netwealth Superannuation Master Fund. Its administrator is Netwealth Investments Limited, a public company which is listed on the ASX. It is not majority-owned by any other bank or financial institution at the time of writing. Michael Heine and his son Matt are the joint managing directors of Netwealth.

Netwealth offers a choice of two main investment options to personal super investors at the time of writing:

  • Super Accelerator Core
  • Super Accelerator Plus

Netwealth says each of these options offers a different “broad asset allocation”, with Super Accelerator Plus offering a greater degree of choice of investments and investment managers. 

Netwealth says you cannot combine the two options or choose both of them within the same super account, but you can switch between them at any time for no fee. 

If you don’t make a decision as to how your money will be invested, Netwealth says your super will be invested into your cash account, which comes as part of both investment options. Netwealth says the interest rate of this cash account is generally slightly below the Reserve Bank of Australia’s official cash rate.

For more details on what each Netwealth investment option entails, you can contact Netwealth or read the PDS and other documentation on its website.

Yes, Netwealth says that if you choose the Super Accelerator Plus investment option, you can choose for your super to be invested in “a selection of ethically responsible investments” from fund managers who consider the Environmental, Social and Governance (ESG) impacts of their investing decisions. 

Netwealth says that if you choose this option, the ETFs and managed funds you can select will “typically avoid” investments in industries such as fossil fuels, alcohol, gambling and tobacco.

Netwealth suggests speaking to a consultant for more information on the ethical investment options available, including performance data.

Netwealth charges a variety of fees to its members in return for managing their superannuation savings. At the time of writing, some of its fees include:

    • No investment fees for the Super Accelerator product, although some investment fees may apply for various types of investments within this product, such as managed funds.
    • An administration fee, the size of which varies depending on your balance size and chosen investment options:
      • Super Accelerator Core: 0.35% per year (calculated daily and deducted monthly) of your account balance for balances up to $250,000 (no fee for the proportion of your balance over this amount). Minimum fee $120 per calendar year. 
      • Super Accelerator Plus: An account fee of at least $550 per calendar year, consisting of a fixed amount of $240, plus a percentage-based fee of:
        • 0.37% p.a. of the first $250,000 of your account balance
        • 0.27% p.a. of the proportion of your account balance from $250,000 to $500,000
        • 0.17% p.a. of the proportion of your account balance from $500,000 to $1 million
        • 0.06% p.a. of the proportion of your account balance from $1 million to $2.5 million
        • No fee for the proportion of your account balance over $2.5 million.
      • Netwealth says the size of this administration fee may be negotiated, and a family fee rebate may apply. Additional administration fees apply to investments in international securities. 
    • Brokerage, transaction and other fees may apply for investments in certain asset classes, such as ASX-listed or international securities. 
    • Insurance fees, if you have insurance cover through your super. The cost will depend on the level and amount of cover you have, your age, and the type of work you do, Netwealth says. In addition, there is a policy administration fee of 8.125% of your base annual premium for group insurance policies, and a $5 monthly administration fee for an individual policy. 

Bear in mind that other fees may apply. Consider checking Netwealth’s product disclosure statement (PDS) and other relevant documentation on its website for details. You can also speak to one of its consultants for more detailed advice, and compare the annual fees of other super funds on Canstar’s database.

Yes, you can consolidate or rollover your super from other funds into a Netwealth account. Netwealth says you can do so by filling out the “Rollover/transfer request” form on its website and sending it through to Netwealth. 

Before doing so, it could be worth considering whether you are willing to give up the insurance or other benefits your existing super accounts offer.

Netwealth describes itself as a super fund, a technology company and an administration business. Founded in 1999, it currently claims to have over 97,000 Netwealth account holders, $56 billion in funds under management, 350 staff and 3,500 advisers using its platform. 

This article was reviewed by our Finance and Lifestyle Editor Shay Waraker before it was updated, as part of our fact-checking process.

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Written by: Tom Letts | Last updated: October 1, 2021