National Australia Bank’s (NAB) online trading platform, nabtrade, has entered into a partnership with Heffron SMSF Solutions to launch a transparent, non-commission and fully featured establishment and administration service for SMSFs.
The NAB SMSF Establishment Service, unveiled last week, offers a comprehensive end-to-end service, with ATO registration, Australian business number, tax file number, and cash and trading accounts, as well as ongoing administration, through one online form.
NAB highlighted that unlike many low-cost set-up services in the market, its offering would not be taking or paying any commissions or transfer payments, making it more cost efficient and transparent for customers.
“To ensure transparency, the costs of the NAB-Heffron service are upfront so customers can see what they are paying for,” NAB general manager of self-directed wealth Nathan Walsh said.
“The SMSF segment is a key market for nabtrade and we will continue to invest in enhancing our products and services to ensure our customers have the best solutions to manage retirement savings.
“We know how much of a burden compliance and paperwork is for investors. We want to not only make it easier for investors to set up and administer their own fund, but to also create more value for customers.”
Walsh said nabtrade was delighted to partner with Heffron, which has provided leading SMSF administration service solutions for more than 18 years.
Heffron co-founder Meg Heffron said more than 30,000 SMSFs were established in Australia every year.
“Through our partnership with NAB, we can help more people through this process. We’re pleased to be working together,” Heffron said.