SMSF administration provider CleverSuper will not be adversely affected by the collapse of related entity Custom Wealth Solutions (CWS), according to the firm’s founder and MD.
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.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 21 Aug 2017Top investment mechanisms for tax savings revealedBy Staff Reporter
- 21 Aug 2017SMSFA appoints high-profile Australian as patronBy Staff Reporter
- 21 Aug 2017Lawyer challenges ATO view on two fund strategiesBy Miranda Brownlee
- 21 Aug 2017Risks flagged with real estate appraisal valuesBy Miranda Brownlee
- 18 Aug 2017ATO locks in details, addresses panic on real-time reportingBy Katarina Taurian
- 18 Aug 2017Data feeds unreliable for new reporting, says mid-tierBy Miranda Brownlee
- view all
- Top investment mechanisms for tax savings revealed
While super remains one of the most tax-effective ways to save for retirement, if you’re unable to stay within caps then it may be worth c...read more
- view all