The implementation of specialised SMSF administration software allowed for more efficient servicing of clients with regard to determining the implications of the super reforms, an accounting firm partner has said.
“From my aspect because of my role in the technical and advisory space the real benefit for me from having the software that supports what we do is the data we’re able to mine into,” Crowe Horwath senior partner Kathy Evans said.
“So one of the things leading into super reforms [the software facilitated more efficiently] was to determine who are the clients that are impacted by these changes; those clients that have $1.6 million.”
According to Evans, being able to use technology to pinpoint information during this time also assisted with other relevant client strategies.
“We try to do a lot of work with our clients around tying their estate planning with their super reflections, so that means understanding what data documents we have on file around a client’s estate planning for their SMSF [is crucial],” she said.
She said having the information at hand allows her to identify where any gaps exist that need to be addressed, such as whether the client has an enduring power of attorney in place and if not, whether it is needed.
“Another one that we’ve been doing some work on lately is finding out which of our clients still have individual trustees in their self-managed super fund,” she revealed.
“[The administration software we use means you can get that information really easily and go and have conversations with clients. It just makes that process so much smoother and efficient and the clients see it as being very proactive, and I think that’s one of the best things.”
