Oh, Kogan. Is there anything it can’t do?
From regular products, to smart home devices and mobile phone plans – it seems to have a finger in most figurative pies. And now that also includes Superannuation.
Today it was announced that Kogan will be joining forces with superannuation expert Mercer to offer customers a “no frills” super option. The aim is for these plans to have low fees and to become one of the cheapest superannuation options in Australia.
For anyone who may be a little bit nervous about a retailer handling their future finances, its worth keeping in mind that Mercer has over four decades of experience in the field. It also already has a similar partnership in place with Virgin Money Super, which has been operating for several years.
When it comes to this deal, Mercer will be handling the investment management, admin and customer service side, where Kogan will be attached from a branding and marketing perspective – as well as bring its wealth of e-commerce experience to the table.
“Albert Einstein once said that ‘compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn’t, pays it’” said said David Shafer, Executive Director of Kogan.com.
“Every Australian should consider whether the power of compounding is working for them through low fees, or against them through the ongoing erosion of their wealth by high fees. Kogan.com’s mission is to deliver price leadership through digital efficiency, and we are proud to be able to help Australians preserve more of their hard-earned money by delivering an ultra-low fee superannuation solution.”
There is no hard date on when Kogan Super will be available, but it is expected to be in early 2019.