Business News

BT looks to grow SMSF market share

BT Financial Group (BTFG) is planning to grow its share of the SMSF market by including a full-service SMSF facility on its Panorama platform, to be launched in November.

“Obviously self-managed super funds are a very exciting, dynamic part of the industry and we currently have roughly 27,000 self-managed super funds that already use our existing investment platforms, be it BT Wrap or Asgard, for that investment administration,” BTFG head of product development Craig Lawrenson said.

“This is really us looking at leveraging that capability and extending it to a more end-to-end experience for both the adviser and also the accountant.”

The group has developed the capability for its Panorama platform to provide SMSF administration in conjunction with the traditional platform investment administration service.

The new functionality will allow users to establish an SMSF and then control the processes of running the fund, including daily administration, reporting of the SMSF’s investments and preparation of the fund’s annual tax return.

The SMSF facility on the platform will also give users access to all of the relevant fund-related documents required.

The new service will also allow advisers’ clients access via an application for mobile devices, giving them the ability to view their position at any time.

“We’ve traditionally not played in [the SMSF] space – we have a 4 per cent share whereas we have over a 20 per cent share in the platform market,” Lawrenson said.

“So the attractiveness for us is how do we really offer something where we can capitalise on that.

He said the group was aiming to develop one information system that could satisfy the needs of the adviser, the SMSF member and the fund accountant.

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