Outsource admin at your peril: Wealthtrac
SMSF specialists increasingly want to talk to people based in Australia – and administrators that outsource overseas are at a competitive disadvantage, says Wealthtrac managing director Matthew Johnson.
Speaking to SMSF Adviser, Mr Johnson said all Wealthtrac’s SMSF administration services are based in Wollongong on the east coast of NSW.
“What I’m finding now is that, unfortunately, people just want to talk to ‘Aussies’ – especially when they’re talking about finance,” he said.
A lot of Wealthtrac’s competitors in the SMSF administration space outsource to places like India and Vietnam, said Mr Johnson.
While this people are generally happy talking to people overseas about accommodation and plane tickets, they tend to draw the line at their superannuation admin, he said.
“When you’re talking about your account balance and you’re talking about whether you can contribute [to super]… you want to be talking with people that are familiar with the laws of Australia,” said Mr Johnson.
Wealthtrac has $1 billion in funds under administration.