Technology tipped to disaggregate SMSF admin services
Enhancements in technology will see SMSF administration services become disaggregated, allowing accountants to purchase individual services instead of suites of capabilities, according to one prominent SMSF administrator.
Speaking to SMSF Adviser, Heffron SMSF Solutions' Martin Heffron said SMSF administration services are, at the moment, a bundle of services – such as tax return lodgment, bookkeeping, consolidation and management of data feeds – wrapped up together and sold for one fee.
“I think technology gives you the ability to disaggregate those services,” said Mr Heffron.
“So you might have a small accountant on the corner that has clients who have SMSFs and rather than provide a holistic service, they might outsource bits and pieces rather than all of it.”
Mr Heffron said this will enable smaller accounting firms to decide what types of services they want and negotiate with a provider to get a data feed created or new data added to a data feed.
“So intermediaries who don’t want to be involved in providing the full suite of SMSF administration services will buy bits and pieces of it from other places,” he said.
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.