A new automated administration facility for advisers servicing self-managed superannuation fund (SMSF) clients has been released to the market.
The Superfund Wholesale system launched last week provides advisers with a fully automated platform that assists them with a variety of SMSF administrative functions, including fund establishment, trust deed upgrades, online reporting, audit functions and general administration.
The facility is entirely cloud based and includes a strategic advice component as well as technical support.
"The system provides information to advisers in real time, helping them to promptly identify any potential compliance issues as they occur," Superfund Wholesale general manager Kris Kitto said.
"Advisers and their clients can also view the value of their SMSF investment portfolio any time, ensuring complete transparency and allowing the adviser to have complete visibility over their clients' transactions."
In addition, the platform has been designed to be used as a white label service to give advisers the ability to retain control of the client relationship without further interaction between the client and a third party.
"The best part is that financial planners, accountants and brokers can offer a SMSF administration service as part of their own service offering, rather than outsource this to an external party, allowing these advisers to generate further income for themselves," Kitto said.
"The adviser maintains full control of the client, while benefiting from the full support and compliance assistance from Superfund Wholesale."
Advisers wanting to use the Superfund Wholesale service will be charged a fixed monthly fee beginning at $120.
"Rather than opting for one of the complex pricing models commonly used, we will be offering fixed pricing to advisers, which will allow them to set their own fees for the service they provide to their clients. The fixed price service fee includes ongoing administration, annual financial statements, tax return preparation and lodgment, independent audit and, as required, trust deed upgrades," Kitto said.
