Macquarie Wrap creates super contribution tracker
|
|
Macquarie Wrap has created an online system that helps advisers keep track of their clients’ super contributions and helps them avoid breaching their contribution caps.
The Superannuation Contributions Report gives advisers a clear picture of client contributions into their Super Manager or Super Accumulator account, according to Macquarie.
The head of Macquarie Wrap Product, Doug Chang, said the report had been added in response to feedback from advisers.
“Advisers have a significant role to play in assisting clients to ensure the superannuation contributions they make are within the regulations,” Chang said.
“The feedback we have been receiving from them is that constantly monitoring their clients’ contributions against the caps in place is both a concern and a huge job. By introducing the online reporting feature to Macquarie Wrap we believe we can make this process easier, more accurate and much more efficient for advisers, especially at this important time of year,” he said.
The contributions are drawn from Macquarie Wrap’s back-end systems and cover all contributions made to each client’s Super and Pension Manager and Super Accumulator account since 1 July, 2007, according to Macquarie.
While the reporting does not cover contributions made to any previous superannuation accounts clients may have held, advisers are able to add contributions made into other accounts to ensure all contributions can be shown in one document.
The Macquarie Adviser Services’ MASTech team has also released an updated version of its Contribution Cap Companion, a guide to contribution caps that helps advisers avoid common “cap traps”.
The head of the MASTech team, David Shirlow, said recent reductions to the contributions cap have made staying within the limits even more of an issue.
“With so many potential errors, monitoring contributions can be a daunting task for the client, and for the adviser it can be extremely challenging to keep track of all of their clients’ transactions,” Shirlow said.
“Accurate, easy to run and efficient reporting can make a big difference to the advisers who are responsible for assisting their clients to manage these limits effectively.”
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
