UNIP Australia has integrated its online administration platform with execution-only stockbroker OpenMarkets Australia and has announced a reduction in its pricing.
The link to the brokerage services has created paperless transaction processing and includes trade settlements via Macquarie Bank.
UNIP has also lowered its price for the SMSF annual tax return and audit, which now ranges from $699 to a maximum of $989.
“Linking with OpenMarkets makes it easier for us to automate the process – we didn’t want individual contract notes, we wanted a file – and we already had the function available in our platform, so it was easy to get that going,” UNIP business development manager Ashok Lad told selfmanagedsuper.
“And we’ve come up with a really affordable price because it’s becoming very competitive out there.
“One major advantage we have compared to other administrators is that we don’t have to pay a third party any fee for their platform because we have our own and if a competitor drops their price, we will do the same to give the end user, which is the client, a massive [benefit] for SMSFs.
“Technology is driving the price down, but just because you’re seen as cheap, doesn’t mean you’re not offering a full end-to-end service.”
Lad said he expected interest to come from a combination of accountants, advisers and SMSF trustees directly.
“We’ve had a handful of queries, more from interstate than anywhere else, and a few inquiries from accountants because they’ve been comparing us to what they’re using right now, so interest is there,” he said.
“If someone’s only got a few assets, let’s say up to five, you’re not going to pay $999, but I know of clients who are paying up to $3000 for the same service we are providing.”
UNIP would now begin plans for its marketing strategy in the coming month, he said.
“We currently have a very small number of SMSFs, about 50 or so, but we’re about to begin marketing as we haven’t done any in the past,” he said.
“Hopefully this together with the price restructure and the OpenMarkets integration puts us in a position that allows us to compete with others.”
UNIP Australia was established in 2009. The system went live in December 2011.
