According to SMSF administrator Superfund Wholesale, there is a divide between advisers recommending SMSFs and administrators looking after the initial set-up and on-going compliance.
Superfund Wholesale’s general manager Kris Kitto says that by configuring the typical fund set-up and management model into one process via cloud-based technology, they will be able to eliminate this ‘disconnect’.
According to Kitto, the SMSF setup process can be cut down to 20 minutes by taking existing client information from IRESS’ Xplan software and using it to order SMSF trust deeds through new app, SMSF iSystem. He says that while most SMSFs are still being directly set up by accountants or administrators, the system will open up a revenue stream for advisers. “Some advisers may believe they need to be registered tax agents to set up a SMSF, but this is not the case.”
The system is meant to provide advisers with a way to easily establish a SMSF, without the need to outsource any services – “preventing any loss of business from the advisor to third party services, which can occur in a traditional set-up model”.
“The advisor will also be able to access their client’s superfund portfolio information, anytime, anywhere – essentially being able to provide up-to-date advice from live reports, rather than work from out-dated information.”
Kitto says that although there are other ‘all-in-one’ SMSF establishment solutions around “they are either very restrictive or still require a significant amount of offline work to get the self-managed super fund established and operational”.
Do you think there's a disconnect between advisers and administrators? Is it possible to set an SMSF up in 20 minutes? Share your thoughts below.