Self-managed superannuation funds continue to be the fastest growing segment of the superannuation market with more than one million Australians now a member of an SMSF. The administration of SMSFs is becoming a large part of the revenue source for financial planning and accounting firms. Together with new licensing rules for accountants there is an opportunity to expand this even further.
Technology continues to play a big role in how it is both shaping the industry and influencing SMSF members on the type of services that they are seeking.
A 2015 CoreData survey commissioned by the SMSF Association & Russell Investments identified that self-managed superannuation is now attracting a younger demographic. This younger age group are more tech savvy and will expect innovative SMSF administration solutions with real-time access to information.
For those providing services to SMSFs there will continue to be increasing pressures from SMSF clients for up-to-date information about their funds, investments, balances, performance, and compliance issues.
Software for accountants and administrators to look after SMSFs has come a long way from simply producing financial statements and a tax return. With the amount of automation, data feeds and on-line trustee access, accountants and administrators have a great opportunity to stand out from the crowd when it comes to SMSF administration and compliance services.
This is where the right technology plays a critical role and why we continue to support the industry with our wide range of flexible SMSF administration and compliance services, including our cloud-based SMSF administration and compliance platform, superMate. Our administration services not only support accountants and administrators with their compliance function, but encourage greater engagement with their clients. If you’re not investing in technology and expanding your service offering, other firms will be and your clients will find them.