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.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 21 Aug 2016Risks flagged with real estate appraisal valuesBy Miranda Brownlee
- 21 Aug 2016Lawyer challenges ATO view on two fund strategiesBy 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
- 18 Aug 2017Tax component confusion spurs potential tax liabilitiesBy Miranda Brownlee
- 18 Aug 2017Contributions triple in June quarter, survey showsBy Staff Reporter
- view all
- ATO locks in details, addresses panic on real-time reporting
The tax office has addressed several points of confusion with the new events-based reporting regime, locked in key deadlines, and outlined w...read more
- Data feeds unreliable for new reporting, says mid-tier
With an estimated 20 per cent of SMSFs still encountering errors from data feeds, one mid-tier firm believes the ATO should allow SMSF pract...read more
- view all