Cloud-based SMSF adviser app launched
Self Managed Superannuation Fund (SMSF) administration company, Superfund Wholesale, has announced the launch of a new cloud-based application designed to help financial advisors establish SMSFs in 20 minutes or less.
The application, SMSF iSystem, is being marketed as the first system of its kind available in Australia with Superfund Wholesale claiming it was designed to create a closer collaboration between financial advisers and administrators.
Its said the concept had been developed after the company indentified a 'disconnect' between the adviser recommending a SMSF and the administrator looking after the initial setup and ongoing compliance.
Commenting on the launch, Superfund Wholesale general manger, Kris Kitto said the SMSF iSystem leveraged existing technology used by advisers and combined it with the most advanced SMSF solutions currently available.
"By using the latest in cloud-based technology, the SMSF iSystem can take existing client information from IRESS' Xplan software and use that information not only to order SMSF trust deeds, but also to populate a number of additional applications," he said.
"In addition to SMSF deeds and trustee company documents from Topdocs, the SMSF iSystem can pre-populate a Macquarie cash management account application including generating an account number, a Lonsec broking account application, appoint an auditor, prepare the information for the ABN/TFN application with the Australian Taxation Office (ATO) and push details of the new SMSF into the Class Super administration platform," Kitto said.
The system had also been designed for advisers to easily transition existing SMSFs into the cloud based administration platform.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
