Asgard acts to claim SMSF stake
Asgardhas expanded its service offering to include a self-managed superannuation fund (SMSF) administration product, SuperLink, in a bid to stake a claim in the $109 billion do-it-yourself (DIY) superannuation market.
SuperLink will be pitched to advisers and accountants and includes a full suite of SMSF services in the areas of administration and compliance, and includes licensing, deed establishment, fund administration, online support, investment products, technical services and research.
The service will also offer a limited licence to allow accountants to work with SMSFs after the introduction of the Financial Services Reform Act on March 11.
Asgard director of distribution Dan Powell says the move into a full service product follows on from Asgard providing some services in this space and finding that advisers wanted a full service before committing to using the group.
“This process will now supply everything an adviser and client needs apart from the advice and ongoing client servicing,” Powell says.
The group also considered a joint venture but moved away from that path when it felt potential partners did not have the online elements the service currently offers, as well as the ability to tie into Asgard’s AdviserNet service.
While the system is now being made widely available, it has already been tested with St George Private Bank advisers, with the Asgard group running $60 million dollars through SMSF vehicles.
Clients who come through the system will need to have a minimum account balance of $300,000, with Powell stating the average balance with Asgard has been around $1 million.
He stresses that while the group does offer a full service, advisers can purchase it in modules according to their own needs and will be able to download investment information from the Asgard suite of products if they wish to provide their own administration services to clients.
AUTHOR
Jason Spits
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