Three financial dealer groups have signed up to use Superfund Wholesale’s new online SMSF administration platform, iSystem.
The development means the cloud-based application is now servicing over 500 SMSFs after its launch in April.
Lonsdale Financial Group is one dealer group that is looking to use iSystem to provide the 200-plus financial planners operating under its licence with a complete set of tools to better establish and consolidate their standing in the SMSF market.
“The SMSF iSystem is particularly attractive because of its ‘all in one’ nature, especially in terms of efficiency, flexibility, accessibility and compliance,” Lonsdale chief executive Mark Stephen said.
“Following trials, we have integrated the SMSF iSystem into our dealer kit for financial advisers and have so far had a positive response, with a number of our financial planning firms now utilising the cloud-based software. We see this providing our financial advisers with a competitive edge.
“The application itself provides financial advisers with an advanced, automated and highly-resourced self-managed super fund set-up solution that is easy to use and doesn’t run the risk of the adviser losing business to third-party services, such as accounting or taxation.”
The SMSF administration system was launched eight weeks ago and, according to Superfund Wholesale director Kevin Nicol, the traction it had achieved in the sector had exceeded expectations.
“The uptake has exceeded our initial expectations considerably and we can only expect these figures to keep growing as more financial advisers understand the simplicity and benefits of the SMSF iSystem and the convenience of having all of the necessary tools to establish a SMSF right at their fingertips,” Nicol said.
“What we have found is that most financial advisers would like to break into the SMSF industry but don’t have the qualifications or resources needed to successfully set up and manage self-managed super funds in-house.
“By developing this software, we have now provided all financial advisers with a fully cloud-based system that automatically establishes and administrates a self-managed super fund in record timing and assists with the ongoing management ensuring efficient client servicing.”
