Integrated platform provider Hub24 is looking to help expand the SMSF sector and grow its role among trustees and practitioners, and has developed a new end-to-end service as the vehicle to help achieve this aim.
“[Hub24 has] got effectively an end-to-end service bringing together SMSF establishment, admin and investment administration that leverages some of their investment capabilities from their platform and tries to put some guard rails in place with respect to that as well, which I think is important when you think about that potential segment of the population,” Class chief executive Tim Steele revealed.
Steele added market testing for the service will be carried out in the coming months and will enjoy the support of Class’s experience in the industry.
“Our objective in supporting [Hub24] in doing that as a partner is that we think we can bring awareness and help grow the market,” he noted.
“[We feel] there will come a natural juncture with those assets and the complexity of the circumstances for those trustees gets to a point where they need professional advice and support and so they will turn to accountants and administrators to help them [manage that situation].”
According to Steele, the strategy has been planned and undertaken deliberately.
“This is a strategy quite deliberately [put together] to help us think about how do we grow the overall market given what we’re seeing with some of the macro trends in terms of that segment looking to SMSFs as a superannuation structure,” he indicated.
Hub24 completed the acquisition of Class in February after revising its initial offer for the company in December last year.
The purchase of Class was made as a strategic move to enable Hub24 to consolidate its position as a leading provider of integrated platforms, data solutions and technology for financial services practitioners and their clients.