SMSF industry makes moves to adopt mobile applications
The amount of mobile applications aimed at the SMSF market is expected to rise over the short-term, with client expectations for the accessibility of fund data on their phone increasing.
Mayflower Consulting director Sarah Penn said while the trend towards providing mobile applications has been very slow across the whole financial services sector, SMSF administration providers and platforms are increasingly implementing these sorts of applications for clients.
One SMSF administration software provider has already launched a mobile application, while another plans to launch their application in the second half of this year, she said.
“I think that’s just what people expect now. I think if a consumer goes and sees an accountant to get their SMSF transferred or set up with them, there is going to be an expectation that they can check the balance on their phone,” said Ms Penn.
SMSF trustees, she said, want to be able to have the ability to check their holdings quickly if they see something in the news that might be impacting those holdings.
“[They don’t] want to have to wait till they get to work and log into some clunky, old website to figure it out,” she said.
“I don’t think that you can say you’ve got a modern business these days if your clients can’t see their own money online, but it’s still going to be a while before everyone gets there.”