SMSF Access is an integrated SMSF solution that leverages the collective capabilities of HUB24, Class and NowInfinity. It has been designed for advised clients with simple investment needs looking to access the benefits of an SMSF without the cost and complexity of traditional solutions.
The SMSF sector continues to attract more Australians, with SMSFs now comprising more than $1 trillion of the $4.08 trillion superannuation industry.
Recent research from the Class Annual Benchmark report shows that Millennials are establishing SMSFs at a faster rate than any other demographic, with growth increasing by 5 per cent over the past six months, demonstrating the increasing popularity of SMSFs among a younger cohort.
Furthermore, Investment Trends research found that 36 per cent of high-net-worth investors have, or are planning to establish, an SMSF to help enable the transfer of wealth to family members.
HUB24 executive group strategy Greg Hansen said these figures highlight significant opportunities for advisers to enhance their advice proposition to meet the needs of early-stage wealth accumulators, later-stage retirees, or clients seeking choice, flexibility or portability.
“Since launching, we’ve been collaborating with advisers to further develop our product offering and deliver scalable, cost-effective and efficient client value propositions,” Hansen said.
“Through ongoing investment in innovation, solutions like HUB24 SMSF Access support growth in the overall SMSF segment by enabling advisers to service a new customer demographic.”
Hansen continued that HUB24 SMSF Access is designed for advised clients who want to invest in assets on the platform and typically don’t have an accountant relationship and offers the benefits of HUB24’s platform, including access to the full range of IDPS investments, along with establishment and administration services.
The solution also offers a simple fee structure and, where eligible, the ability to claim RITC on advice fees, which potentially lowers the cost of advice.
“As their balances grow and their investment needs change, advised clients can transition to a comprehensive SMSF solution without the need to sell down any of their existing investments,” Hansen said.
The new features and enhancements offer many additional benefits, including a streamlined application process, faster access to Super Guarantee (SG) contributions, a new Cash Statement report, GST registration, comprehensive SMSF information and fact sheets.
Delivered through HUB24’s professional development centre, advisers also have access to the SMSF Academy, which provides valuable insights on the client and business benefits of SMSFs, including key trends shaping the industry, how younger investors are driving SMSF growth, advice strategies and solutions for future clients.
