Recognition of SMSF excellence

SMSF Service Provider Awards

This year saw the introduction of a series of SMSF awards to recognise the top service providers in the sector. Krystine Lumanta and Zoe Fielding report on the winners in each category and the key factors driving their success.

With more than $500 billion in assets, SMSFs are arguably the preferred way for Australians to save for their retirement.

Hitting the new record at 30 June this year, it has become more important than ever to ensure those servicing these funds are of a high standard.

This year, in conjunction with selfmanagedsuper as the official media partner, industry research firm CoreData developed its SMSF Service Provider Awards to recognise the leading performers in the sector, as determined by both SMSF members and their advisers.

On 13 September, 23 winners were named at a presentation ceremony in Sydney, with the decisions based on the CoreData “SMSF Service Provider Survey”, which captured 1400 responses from SMSF members and SMSF-advising financial planners and accountants.

In deciding the ultimate winner in each category, the awards considered both customer preference and service quality, and if two providers had equal scores on these two criteria, the company with a more highly-rated service quality was declared the winner.

CoreData consultant Angus Dennis says the awards were significant for the SMSF space, as they assessed in depth the standard of offerings and service providers as well as revealing the top contenders across a range of investment and non-investment services.

“From the service provider side, they can view findings as direct feedback from real customers,” Dennis tells selfmanagedsuper.

“On top of that, the type of customer providing the service rating may well be some of their most insightful and well educated.

“With many SMSF investors motivated by having greater control of their super, being a highly regarded service provider is clear evidence of adding value.”

Furthermore, self-directed SMSF members held differing service priorities and decision-making processes to those SMSF members with an adviser.

“The service providers benefit from the clarity the awards provide,” Dennis says.

“Through the differing award categories, it is evident if the SMSF member is driving the choice of a particular company’s service or if the adviser is playing a more significant role in the selection.

“Through the SMSF awards we have sought to encourage high-quality service for SMSFs and we believe that shining a light on some of the best performers in the space is critical to the sector as it moves forward.”

He says the importance of the awards is also underpinned by the proportion of retirement savings the SMSF market represents, with SMSFs holding their place as the largest superannuation sector in the Australian marketplace.

In this feature, selfmanagedsuper speaks to all of the winners as determined by the advisory and accounting communities.

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
  • Colonial First State: Investment platforms
  • 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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