Company behind financial advice and superannuation comparison site Super Fierce in liquidation
A superannuation advice platform - started by two former Macquarie Bank execs - that claimed to “challenge wealth & superannuation norms” has gone under three years after launching.
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A financial advice platform, started by two former Macquarie Bank executives, which promised to save customers hundreds of millions of dollars in superannuation fees has gone under.
Sydney-based Super Fierce launched its super advice platform three years ago, claiming it analysed more than 500 super funds and that it aimed to help close the gender gap for retirement savings.
It provided clients with a free statement of advice, promising to recommend alternative super funds with lower fees. It charged clients for further assistance to switch funds.
On its website, Super Fierce claimed to have saved $300 million in super fees for its customers.
But the company, which was registered in 2019, went into liquidation last week.
Its sole director Trenna Probert was the CEO and founder, while her husband, former Macquarie Bank chief investment officer Craig Swanger was co-founder and “investments guru”.
Ms Probert had also previously worked with Macquarie, as its Private Bank’s head of strategy in the Asia-Pacific.
The goal of Super Fierce was to provide affordable financial advice to all Australians, Ms Probert said.
The company marketed itself as a solution for the gender gap in superannuation savings.
“Australians pay an extraordinary $32 billion in annual fees to super funds – at least half of which is wasted on poor performing funds,” Ms Probert said in a statement in 2022.
“Next we will take our independent and fiercely anti fee-for-no-service approach to the poor practices and prohibitive costs in investing, home ownership and small business funding. Stay tuned!”
At the time, Super Fierce claimed to save an average $125,000 in superannuation fees per customer aged about 36 over their lifetime.
It also ran a social enterprise, Fierce Impact, reporting to donate $100 for each customer who switched funds to initiatives like free financial coaching for women in need.
It claimed to have donated $22,000 to women in need on its website.
News Corp has contacted the company, Ms Probert and Mr Swanger for comment.
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Originally published as Company behind financial advice and superannuation comparison site Super Fierce in liquidation
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