Nabtrade will partner with Heffron SMSF Solutions to launch the new initiative that aims to “make it easier for investors to set up and administer their own fund”, including ATO registration, an ABN, tax file number and cash and trading accounts.
Speaking to InvestorDaily, NAB head of SMSF solutions Gemma Dale said the removal of the accountants’ exemption on 1 July 2016 changed the landscape for SMSF establishment and helped lead to the new service launch.
“We have some customers who know they want an SMSF, but they are not seeking comprehensive advice,” Ms Dale said.
“This has made it easier for them because they now don’t have to go through the whole advice process.”
Meanwhile, Heffron co-founder and head of customer Meg Heffron said the service was not designed to replace advisers or disrupt the advice industry.
“Traditionally, our business has been all about working with advisers on their client’s SMSFs rather than direct with trustees so we’ve got a pretty good handle on the value advisers can add, but there’s always been a cohort of people who don't particularly want advice or don’t want it right now,” Ms Heffron said.
“This service is an enabler for people at the ‘I-don't-want-advice-yet’ stage. I guess where this service is different is that it’s a partnership between NAB, who has all the expertise in the banking product and the broking product side of things, and Heffron, who has all the SMSF expertise.”
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