The number of automated data feeds incorporated into Class Super’s specialist administration platform has now exceeded 100 with the addition of Bendigo and Adelaide Bank, CMC Markets Stockbroking and Baker Young as new data partners.
This latest development reaffirmed Class Super’s commitment to automated processes that allowed the administrative procedures for an SMSF to be completed accurately and within hours, as opposed to the weeks they might take when more labour-intensive applications were used, Class Super chief executive Rajarshi Ray said.
“Self-managed super funds account for almost 40 per cent ($420 billion) of the funds under management in the Australian super sector. It’s difficult to imagine this volume of assets being managed with out-of-date, manually-entered data – or worse still using methods which are inherently insecure and compromise trustee data security,” Ray said.
“SMSF managers entering data manually are running out of time. In the future, they simply won’t be able to compete with those using automatic data feeds, such as with Class Super, on price, precision or value.”
CMC Markets Stockbroking head Andrew Rogers confirmed the new arrangement would promote better efficiency in the administration of SMSFs.
“By streamlining the process of transferring data to Class Super, this partnership will reduce the administrative burden for clients and their accountants, so they can spend more time focused on their investments,” Rogers said.
The announcement of the three new data partners follows the recent news that Class Super had introduced a unique facility providing estimation services for the residential and commercial property sectors.