Stockbroking and financial advisory firm Kinetic Securities has teamed up with accounting and audit firm Searle & Charlton to offer an SMSF administration service to the market.
The portfolio administration service is accessible online and allows advisers, accountants and trustees to have an up-to-date investment position of an SMSF on a daily basis, including all of the transactions that were completed during that day.
Under the new service, transactions are automatically updated when share trades are arranged through Kinetic's stockbroking arm.
The service can also incorporate any other SMSF holdings outside of direct shares, such as properties and managed funds investments.
In addition to providing up-to-date portfolio information the service also has the ability to generate compliance reports for maintaining an SMSF, including those reflecting asset allocations, full tax reporting and payment systems.
In regard to asset allocations of SMSFs, the new service also has the ability to incorporate a fund's trust deed and investment strategy that allows advisers who use the system to monitor whether or not certain investments comply with the objectives defined within the fund.
Kinetic is planning to roll the service out to users in July.
In launching the product, the financial services firm wanted to provide a secure and fully compliant product that was priced reasonably in comparison to other administration platforms in the market, Kinetic Securities director Paul Cheyney said.
