CleverSuper and CWS director Chris Appleyard told SMSF Adviser that the SMSF administration arm of his business ventures will continue trading as usual despite the entry of CWS into receivership.
“CleverSuper is an entirely separate corporate structure,” Mr Appleyard said. “Yes, it was licensed as an authorised rep of Custom Wealth Solutions but that was simply good governance and a precaution. There is no requirement for that business to be structured as an authorised representative of an AFSL.”
Mr Appleyard explained that he has “taken steps” to extricate CleverSuper from its “authorised status” and that he “retains control of the intellectual property of CleverSuper”.
He also issued a warning shot to critics and competitors, saying he has a “mandate to innovate in [the SMSF and superannuation] space, whether under this brand or another”.
Meanwhile, a number of CWS’s former advisers look set to be acquired by Queensland-based licensee SMSF Partners, which describes itself as “by SMSF specialist accountants, for SMSF specialist accountants” on its company website.
CleverSuper is one of a number of providers in the SMSF administration market to champion the controversial ‘free SMSF offering’.
Mr Appleyard previously told SMSF Adviser the notion of a minimum asset base ‘entry barrier’ for prospective trustees is outmoded.
“The idea that you need a certain amount in investible assets or whatever is old thinking – we need to throw that idea out the window – you can have an SMSF with 20 bucks in it if you want,” he said.
I wonder who gave you the mandate to innovate the SMSF space? Not so clever after all.