BGL attracts 20,000 new funds in third quarter
Self managed super fund (SMSF) administrators BGL attracted around 140 new clients representing roughly 20,000 new SMSFs in the last quarter, according to the firm's managing director Ron Lesh.
The new clients are mostly accountants, with many joining from competitors as well as many new clients, some of whom haven't had SMSF software previously, Lesh said.
One factor Lesh attributes to the growth is automation. BGL has been focused over the past 12-18 months on automating necessary processes and is now nearing the point where a SMSF holding only listed securities can now be fully automated, he said.
SMSF administrators (including accountants and advisers, as well as genuine self managing trustees) are looking to reduce their data input obligations. They are also making sure a fund complies with all its legal obligations, with payments and contributions a major potential tripping point, Lesh said.
"We've tried to warn people of those things within the software. If they're processing every day they get to the contributions, or they see the pension limits, then the software will tell them," he said.
Lesh said that BGL administers around three quarters of SMSFs in Australia. He anticipates that the current growth of the SMSF sector means the rapid growth in BGL's business will continue for some time.
BGL is currently looking at adding a web-based version to increase the options for how trustees and administrators can administer funds, Lesh said.
Recommended for you
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
Iress has appointed Insignia Financial’s former general manager of master trust and insurance products as its newest CEO of superannuation, who will take over from Paul Giles.
