Commonwealth Bank of Australia (CBA) has introduced two new online services for SMSF members using its CommSec or NetBank services.
“We have been servicing the SMSF market for more than 20 years and we continue to listen to trustees about their evolving needs,” CBA head of SMSF customers Marcus Evans said.
“There is significant opportunity for CBA to support the growing Australian SMSF sector, which comprises more than 1 million SMSF trustees.
“As a result we have enhanced our SMSF offering by combining digital resources, the SMSF specialist team providing phone support and expertise across all areas of the CBA to better service this significant and growing segment of Australians who choose to manage their own super.”
The main enhancement the bank has launched is an SMSF portfolio feature giving trustees and members access to a complete overview of the assets and liabilities within their superannuation funds.
The SMSF portfolio offering forms part of CBA’s MyWealth platform and gives users access to an overview of their non-SMSF holdings, as well including assets held personally or with other financial institutions, although this information has to be added manually.
In addition to the SMSF portfolio portal, CBA has also launched a fund administration service providing trustees with all of the required compliance, reporting and management functionality.
This offering has been facilitated through a partnership with Super IQ and allows users to establish an SMSF and roll over existing assets to their SMSF, ensure their fund is compliant through ongoing administration support, consolidate all of their online reporting and documentation, monitor the SMSF’s investment strategy, manage tax and audit requirements, and access additional services such as actuarial certificates and trust deed amendments.
