Big four bank eyes further SMSF growth
In a recent market update, a big four bank's wealth management arm is bullish on plans to secure further growth in the SMSF market, as it looks to “redefining” the platform experience for SMSF trustees and professionals.
In an ASX announcement, BT Financial Group said SMSFs will be a focus for the Panorama platform with nearly $1 in every $3 in superannuation invested through an SMSF.
“BTFG has a significant opportunity to consolidate and grow established relationships onto the Panorama platform,” BT said.
With the main functions of the BT Panorama platform now complete, BT Financial Group has discussed plans to further develop the platform which could include simplifying the statement of advice process for advisers.
BT Financial Group general manager of platforms and investments John Shuttleworth said following the launch of the superannuation function last month, the BT Panorama platform is a now a complete end-to-end solution and is seeing growing momentum among investors, advisers and investors.
Mr Shuttleworth said BT has further plans on the horizon for the platform, which could include integrating the process of producing statements of advice into the Panorama platform.
“There’s some interesting work going on in our own advice business in terms of how they can improve the whole process of generating the statement of advice and front end solutions,” he said.
“So the next evolution of the platform will be to take that process of building the SOA and integrating it directly with Panorama, because what everyone hates – the process of re-keying.”
Mr Shuttleworth also said BT will look at integrating the automated record of advice process as well as corporate action elections.
On the SMSF side specifically, he said BT is also looking to work with the ATO on speeding up the time it takes to set up an SMSF.
“To set up a SMSF, it can still take up to 28 days because you’re still waiting for the ATO, the next evolution of this is to work with the ATO and see if we can get it done electronically through some electronic vetting process.
“If we can get that happening, then that would be another huge advantage.”
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.