BGL Corporate Solutions has increased the number of SMSFs on its Simple Fund 360 platform, with 5000 funds committed to be migrated from independent specialist SMSF firm More Super.
More than 1400 businesses representing almost 80,000 SMSFs were now using Simple Fund 360, making it both the leading and most widely used cloud-based SMSF administration solution in Australia, BGL said.
The funds will be moved across from Simple Fund Desktop to Simple Fund 360 in the coming months.
More Super managing director Michael Pease said while Simple Fund 360 was not first to market, it was the most rapidly evolving offering compared to others in the market.
“Transition costs were a key consideration in the selection process – BGL’s migration tool allows for seamless conversion, from Simple Fund Desktop to Simple Fund 360, ensuring retention of all historical data and documents,” Pease said.
“Also critical was the capacity to unbundle fees, rendering cloud software more accessible for firms like ours, with a diverse client mix and service offering.
“Simple Fund 360 was born from an accounting package, not a portfolio package – it’s a tool developed to assist accountants, not replace them and we have every confidence that conversion will immediately bolster our client engagement whilst mitigating our long-term engagement expense.”
BGL managing director Ron Lesh said the sophistication of the offering, with its big data analytics and dashboards, was often a turning point in its discussions with firms.
Further, the software supports almost 250 bank, broker, wrap and platform data feeds, providing industry leadership in the acquisition and processing of data.
“Simple Fund 360 is shaking up the SMSF administration industry,” Lesh said.
“It is so advanced, automated, ticks all the boxes and connects all the dots – it truly is the next generation SMSF solution.”
In February, Lesh revealed over 1000 firms were using Simple Fund 360.