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V-Wrap releases SMSF functionality

Praemium has built new software functionality into its V-Wrap non-custodial portfolio administration system as a value-add to SMSFs and holds high expectations for strong take-up.

The addition will enable users to ensure SMSF compliance, as well as lodge SMSF annual returns.

SMSF monitoring and accounting will also be extended to Praemium’s separately managed account (SMA) platform.

Many of the Praemium SMA platform accounts were SMSFs, so the new functionality will add considerable value to the services provided.

“This is an important development for Praemium – the prospect of our superior reporting and corporate actions processing engine, along with inbuilt SMSF monitoring and accounting provides a more complete and seamless offering to our clients,” Praemium chief executive Michael Ohanessian.

“We expect to see considerable take-up of this value-added service from our V-Wrap clients who are managing direct equities portfolios for their SMSF clients.

“That said, advisers are increasingly turning to SMAs as a more efficient way of providing SMSFs with direct share ownership.

“By catering to both directly held equities or equities run in an SMA, this new functionality increases the appeal of both V-Wrap and the SMA to the rapidly expanding SMSF space.”

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