BGL knocks SMSF industry’s technology adoption
The SMSF industry has been slow to embrace the opportunities emerging from automation despite the time and cost benefits, according to BGL’s managing director Ron Lesh.
Mr Lesh told SMSF Adviser that while some of the larger firms have taken up greater automation within their businesses, a lot of the smaller firms haven’t.
“The first step to getting efficiencies in their SMSF work is to automate their processes; to get their bank data, their contract notes to buy and sell data, their registry data, their wrap data, their actuarial data, and their property data and automate all those processes.
“It seems at the moment to be taking a very long time to get to the point.”
Mr Lesh said he has found from his clients that many businesses are still not ready to move towards automation.
“They’re all just sort of assessing how it’s all going, rather than actually doing anything,” he said.
Mr Lesh said the businesses failing to automate are going to be missing out on the opportunities that will be there in the future.
“There are lots of threats to the existing models for a lot of people and I think the opportunity is to get the efficiencies into their SMSFs so they can focus on other areas,” he said.
“There’s no doubt you will reduce your costs significantly by automating.”
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.