How are investments the held?
Good question. Investors holdings are held on individual HINs (holder identification numbers) and are therefore registered with CHESS. This is the same system your investments would be registered with if you bought shares directly via a share trading platform like Commsec, NABTrade, CMC etc.
If anything was to happen to InvestSMART you have full legal ownership of the holdings. You would be contacted and asked where (which brokerage account) you would like to transfer your holdings to.