Australian Executor Trustees (AET) has launched a self-managed superannuation fund (SMSF) administration service aimed at providing financial advisers with a facility covering off the critical elements of running an SMSF in a more effective manner.
"Essentially what we've done is create an end-to-end solution that encapsulates the four key areas - establishment, asset administration, super administration and end-of-year reporting requirements. Our super administration and asset administration is updated daily," AET super solutions head of distribution David Storm said.
Key elements to providing the service are the use of an integrated cash account and having AET hold listed assets and managed funds in custody.
"It means we're not reconciling in arrears and we know exactly what the trustees are doing with the assets and that allows us to report it online 24 hours a day and seven days a week," Storm said.
"Also, the system has been developed with open architecture, which means we can host any asset and you can use any broker and we can host any retail insurance cover."
Advisers and their clients have access to three types of accounts under the AET SMSF service: accumulation, transition to pension and account-based pensions. Accounts can be pooled or segregated as well, meaning the administration of the different needs of members in their different retirement saving stages can be easily accommodated.
"We've designed this primarily for financial planners who are looking to provide a high-end solution for their client and don't want a disaggregated approach where whenever they want to get information they've got to go to various sources to obtain it," Storm said.
