One of our focuses this year was improving the level of visibility that the adviser and trustee have. Other areas we’re expanding into are things like property valuations, which we’ve made easier to do, as well as streamlining the corporate actions processing
For the past five-and-a-half years, the Class Super business has been fixated on administration efficiency, which has led to the streamlining of processes and transactions in its software.
“Pretty much from the outset our focus has been around how to drive efficiency,” Class Super chief executive Kevin Bungard says.
“What do we need to add? Where do we need to get data from? What processes do we need to change? What are the things that take time? How do we keep addressing these issues?
“The business started from an administrator who was looking to go from about 1000 funds to 10,000 funds, so that’s been the basis for everything we do.”
Class Super was the winner of the CoreData SMSF award for administration in the SMSF advising financial planner category.
A key aspect of administrative efficiency is data feeds, Bungard states.
“Very early on, we looked to get direct data feeds into the system and then automate the processing because it’s one thing to get the data, but it’s another to complete the work,” he says.
While efficiency remains the business’s core focus, he says he believes SMSFs should always be up to date and, as a result, Class improved its level of reporting available to advisers and trustees.
“We haven’t lost sight of what administration is about, which is getting the details out to the adviser and the trustee so they can know where the SMSF is at and they can make good financial decisions,” he says.
“One of our focuses this year was improving the level of visibility that the adviser and trustee have. Other areas we’re expanding into are things like property valuations, which we’ve made easier to do, as well as streamlining the corporate actions processing.”
He emphasises the role of innovation for the SMSF administration market.
“It’s absolutely critical for success in this market,” he says.
“There’s such a focus not just on current business models and efficiency, but in innovating and coming up with new ways to deliver services in this market.
“If you’re not looking at opportunities to innovate, you’re going to get left behind and clients will leave you for someone who’s got the innovation covered.”
Regular client interaction has also played a role in the development of Class Super.
“We only get a few minutes to enjoy the fact that we’ve released a new capability because our clients will bring up the next issue, which is sometimes not immediately obvious to us, so it’s great to listen to what our clients need,” Bungard says.
Reflecting on the award win, he credits the invaluable intermediary network for Class Super’s achievement.
“Both accounting and adviser sectors are very much referral markets for us and that is so much more valuable than knocking on doors or sending out flyers,” he says.
“Year-on-year, we’ve seen that success accelerate.
“It’s lovely to get client feedback that you’re doing a good job – it’s fantastic to get an award that is recognised across a broad section of the industry.”
Class Super continually reinvests funds into future innovation.
Bungard collected the award on the night.
