Only one in five SMSF accountants currently offer their clients and advisers the option to access, review and action client data online, according to new research by OneVue.
An additional 23% of SMSF accountants indicated that they wanted to offer such a solution in the next 12 months, with 47% saying they were interested in doing so in the next few years, OneVue head of strategy, sales and service David Storm said.
“The report revealed that the perceived benefits of offering an online solution include greater administration efficiencies, accessibility and improved client interaction, as well as more timely information.
“For those not interested in providing such a solution, the main reasons were assurance of data security, cost and lack of client demand, however one in four said they would reconsider if they were assured data was secure.”
As the $532 billion dollar SMSF industry continues to grow so does the importance of online solutions that reduce administrative tasks and provide greater efficiency to clients, Storm said.
“OneVue specialises in providing SMSF solutions to advisers, accountants and other intermediaries and third parties, and they increasingly tell us that online capabilities that lead to greater client interaction and satisfaction is vital in remaining competitive in this digital age.
“Investors are becoming more demanding. They want real-time solutions. They want figures updated all the time.
“One of the big pushes we’ve seen in the SMSF sector has certainly been around cloud-based computing solutions, particularly when it comes to administration efficiencies, greater accessibility and providing more timely information.”
Cloud-based services help SMSF professionals share information and data with clients more readily. This provides real-time access to investment valuations which is an extremely valuable service advantage, Storm said.
“Everyone catering to the SMSF industry right now is trying to stay ahead of the pack in terms of the provision of online technology solutions, with some of the larger institutions spending millions of dollars to update legacy systems so they can in effect catch up to those leading innovation.”
OneVue is an online investment management and administration solutions provider for the financial services industry. The research is contained within its Investment Trends 2013 SMSF Accountant Report.