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Documentation, Estate Planning, Financial Planning

SMSF expert to launch automated document service

New automated SMSF document service hits market.

I Love SMSF founder Grant Abbott will launch a new automated SMSF document creation service – LightYear Docs – that will also provide documents for bloodline planning services and estate planning-related advice.

Abbott said the service would be unveiled in the next few weeks following the conclusion of a roadshow demonstrating its capabilities and will be available to advisers and accountants via a subscription service.

According to Abbott, the service has been built using technology supplied by HotDocs, which is also used by major banks and law firms, but has been mapped to the advice processes involved in the formation of an SMSF, bloodline planning or the estate planning process.

For the SMSF-related processes, he said LightYear Docs was interacting with SMSF administration service provider BGL and had already mapped out the required documents for a number of SMSF processes.

“The next phase for this part of the industry is robotic processing automation and we estimate that using LightYear Docs will be less expensive than using a legal firm, which typically have costs that run into thousands of dollars per fund or strategy,” he told selfmanagedsuper.

“We will also provide the resources, including strategies and processes, to advisers and accountants that have usually only been available to larger firms, but at lower cost.”

He said the bloodline planning documentation process has been tested with 3000 trustees and the estate planning process was still in development, but both would appeal to financial advisers looking to expand their businesses.

“The service will make advisers more efficient and improve compliance as all the relevant documents will be created at the same time and based on the information they enter into the system, and the process will be driven from the adviser’s office so they have control over the process,” he said.

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