Colonial First State: Making administration easier

SMSF Service Provider: AwardsInvestment platforms

Wrap platforms simplify the task of administering SMSF portfolios. They provide consolidated investment and tax reporting, which assists SMSF trustees in complying with their annual reporting requirements.

“SMSF trustees also benefit from the comprehensive investment menus offered by wraps, making it easy to build and manage a well-diversified investment portfolio,” Peter Chun, product and investments general manager at Colonial First State, whose FirstWrap won in the investment platforms category of the CoreData SMSF Awards, says.

“In our experience we have found SMSF trustees who utilise wraps tend to have more diversified investment portfolios due to the availability of such a broad range of assets compared to the typical SMSF,” Chun says.

The FirstWrap platform, offered by Commonwealth Bank of Australia-owned Colonial First State, has a combination of excellent service and adviser efficiency tools, which makes it the optimal solution for managing SMSFs, he says.

“FirstWrap’s online investment platform is designed to help advisers seamlessly administer SMSFs, driving efficiency for their business.

“Features for SMSF clients on FirstWrap include consolidated investment and tax reporting, data downloads for SMSF software and online third-party access, making it easier for accountants to provide the best possible service to SMSF clients.

“Our investor access site also provides clients with online access to account information and portfolio reporting.”

Broadening the SMSF offering is a priority for FirstWrap, he says.

The wealth business has a program of developments planned for its platform that are aimed at SMSF clients, including enhancements to investor functionality, client reporting and data feeds.

Colonial First State regards SMSFs as a growth area for its business. Chun says the wealth manager recognises the market as an important part of the superannuation system, which provides a mechanism for investors to take greater control and have greater flexibility with their super. “The SMSF segment continues to grow and Colonial First State is committed to being a leading provider of products and services to this market,” he says.

“Our objective is to support financial planners with a comprehensive platform and efficient administration of SMSF portfolios so they can spend more time with their clients planning for retirement.”

Investment sales executive manager Laird Abernethy collected the award.

More SMSF Service Provider Award winners

  • Perpetual: Australian share fund
  • PIMCO: Fixed income
  • BGL: SMSF accounting software/administration
  • Magellan: International shares
  • Macquarie Adviser Services: Cash and accounting
  • Multiport: SMSF administration
  • TAL: Life insurance
  • ING Direct: Term deposits
  • AMP Capital: Commercial property
  • AMP Bank: SMSF term deposits
  • NAB: SMSF property loans

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