Specialist unified managed account (UMA) provider OneVue has found its platform is facilitating better and more cooperative relationships between accountants and financial advisers servicing SMSF clients due to the information being generated.
Traditionally, accountants and financial planners have experienced difficulty in working together in the SMSF sector due to the different financial reporting priorities each group required.
It meant accountants were reluctant to develop a spirit of cooperation with financial planners because the reporting produced by conventional investment platforms was inadequate for their needs.
“Accountants are looking for a holistic solution that will keep both parties happy. In the past it’s been quite difficult to get that because your traditional managed fund wrap tax report, while it has developed over time, hasn’t had the needed care to get this information correct,” OneVue head of strategic relationships Brett Marsh said.
“It meant accountants haven’t had a report they can transpose into a tax return and have needed to use financial statement supplements.”
Marsh said OneVue was now being approached by both financial planners and accountants to provide a suitable reporting solution via its UMA platform.
“We wouldn’t be chosen if they didn’t think we could keep both sides happy and we’ve been put through due diligence from both sides,” he said.
“So the financial planners have looked at our platform to see if they could be efficient and take a holistic approach to their client base insofar as they can access the investments and assets they needed and trust the integrity of the reporting that is produced.
“The accountants are interested in the quality of the data feeds and how it can feed into the existing accounting systems. They’re also looking at what extra information we provide, whether or not we can deliver substantiation documents, and if we are going to produce enough information to enable the preparation of financial statements.”
March said OneVue was having conversations with several parties in the SMSF space about providing a middle-ground solution and was finding some good synergies arising.
