Independent product provider Wealthtrac has developed a mobile app to enhance its SMSF platform, enabling users to set up an SMSF and gain access to information and education.
The new app will support the company’s cloud-based SMSF platform, which combines all SMSF administration and reporting needs for accountants, advisers and trustees, by providing the latest SMSF news and access to SMSF education documents.
“Users will also be able to set up an SMSF,” Wealthtrac chief executive Matthew Johnson said.
“We believe this is the first time an SMSF has allowed for this level of functionality.”
In addition, the app will allow trustees to find their nearest adviser.
The SMSF platform offers instant tax reporting, an inbuilt compliance engine and wrap-style reporting tools with mobile access.
The single month fee starts at $140 and there are no asset-based fees, fees based on the number of investments or extra charges to start a pension or commute funds.
More features are planned for release later this year.
Johnson said he believed the ability to focus on delivering investment and strategic advice would be what defined the SMSF advice industry in the future.
“At a recent event hosted by Wealthtrac, a number of senior industry figures expressed concern that not enough is being done to protect SMFS investors from poor investment and strategic decisions,” he said.
“We believe what will set qualified advisers apart from the spruikers are education and the ability to deliver advice on complex areas such as estate planning, contribution caps, related-party transactions and other trustee responsibilities.
“Excellence and ease in administration tools will underpin this success, but it is the advisers themselves that will make the real difference.”
He said the company was committed to developing products and services that boosted the client-adviser relationship.
“At Wealthtrac, we have a very strong belief in the independent advice model,” he said.
“Self-managed super is probably the most complex area of superannuation.
“Unfortunately, it is also where people seek the least advice, but actually need the most help.”
