Superfund Wholesale is preparing to launch a business-building tool to assist start-ups and smaller advisers to compete in the self-managed superannuation fund (SMSF) space.
The SMSF Business Incubator, set to go live in early October, is built around offerings from Superfund Wholesale, Class Super and NowInfinity and has attracted interest from a number of auditors.
Targeted at smaller accountants and advisers, the product would support independent trustees by providing them with access to tools and solutions generally only available to larger practices, Superfund Wholesale general manager Kris Kitto said.
“[Many industry tools and solutions] don’t have the systems in place to service the smaller clients,” Kitto told selfmanagedsuper.
“[The SMSF Business Incubator will allow these tools to] piggy-back off our scale and knowledge and partnerships to roll out in a smaller practice.”
He said the aim of the product was to support independence while enabling business growth and improving the quality of service smaller advisers provided.
“Although these smaller practices generally provide great personalised service, SMSFs are an area where accountants and advisers can struggle to deliver unless they have sufficient scale,” he said.
Describing the product as “quite a significant unbundling of our current offerings”, the separate components included administration, audit, tax lodgement and Class Super licensing and support, he said.
Class Super chief executive Kevin Bungard said: “It’s great that smaller practices will have access to Class Super, regardless of the number of funds they manage.”
NowInfinity director Grant Abbott said he believed the SMSF Business Incubator would help accelerate growth for accountants and advisers by providing access to fully integrated documents and compliant strategies usually only available to big second-tier accounting firms.
“The SMSF Business Incubator is an important resource and mentoring program that will help small or start-up SMSF players to really focus on growing their businesses,” Abbott said.
The product pre-launch will take place on 26 August in Brisbane ahead of plans to go live in early October.