SMSF firms urged to ramp up technology focus this year
With technology reshaping industries like never before, SMSF firms may need to consider how they will bring technology and web development skills into their business, says a business consultant.
Speaking in a podcast, SMSF Academy director Aaron Dunn said the SMSF industry is now creating large levels of data which is providing insights that the industry “only dreamed about a few years ago”.
“Therefore, as we move into the future and we think about things like what artificial intelligence might be able to do, it is, without a doubt, going to reshape industries like we’ve never seen before,” said Mr Dunn.
“We are already seeing, within the SMSF space, the influence of things like big data, in particular where we could very quickly and distinctively look at which clients had a total superannuation balance of above $1.6 million.”
Through the software, SMSF practitioners, he said, were also able to identify what clients had concessional contributions above the reduced $25,000 cap.
“[Having these insights] at our fingertips, that allows us to better make decisions for our clients in a more timely basis, and the ability to overlay that further with artificial intelligence over the coming years is going to be very exciting. Very scary for some people by the same stretch, but very exciting in terms of where we may head around that technology as well,” he said.
“Whether you’re at the start of a technology journey, and there are still many of us thinking about cloud decisions here, or whether you’re well into the process, remaining focused on this area, keeping up with trends and remaining curious of what is potentially available here will be crucial to your success in 2018.”
Mr Dunn said this may involve building expertise in the business around specific types of software.
“What I mean is do you have a person or people who are 100 per cent across the specific software that you use in your business? Hand on heart, can you say 100 per cent specifically across the software you use in your business?” he said.
SMSF firms, he said, may need to look beyond just hiring more accountants and making a shift by “employing various technology or web development skills to be able to deliver certain solutions to clients”.
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.