SMSF stampede: UMA platform draws them in

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There has been a spike in the number of SMSFs migrating to Independent unified managed account (UMA) platform OneVue, with more than 450 SMSFs making the move since 1 July 2012.

OneVue head of strategic relationships Brett Marsh said the shift went against quotes in the press from industry heads suggesting that a number of SMSF advisers were taking their clients off platform and away from restrictive wraps and masterfunds.

Advisers were heading to the independent platform because they were able to transact, administer and report on products such as managed funds, term deposits and listed securities, as well as sophisticated investment types like separately managed accounts, direct property and geared SMSF products, said Marsh.

There had also been news reports this week that improvements in technology could lower platform costs but that a lot of the major institutions were hamstrung by outdated legacy systems which would be too expensive to change and that would ultimately drive clients off platforms as well.

“As a smaller independent provider we can implement change more quickly,” he said.

“We have briefly signalled to the market that we are in the process of simplifying fees and bringing down costs, and we will have details on that in the near future.”