SuperConcepts will take on the SMSF and small Australian Prudential Regulation Authority fund (SAF) clients of Australian Executor Trustees (AET) under an enterprise service agreement with Equity Trustees, which purchased AET in August 2022 and announced its exit from the superannuation administration space.
Under the agreement, Equity Trustees will refer its SMSF administration and custody clients and platform management services clients (PMS) to SuperConcepts and also transition the administration of SAFs to the latter’s SuperMate platform business.
The arrangement follows on from Equity Trustees’ plans to find alternative providers for the AET platforms business after the completion of its acquisition last year, at which time Equity Trustees stated the AET platform business was outside its core focus on trusteeship.
Equity Trustees stated it will soon contact clients that will be impacted by AET’s exit from its SMSF and PMS services about the transfer to SuperConcepts, while the separate transition of SAF administration to SuperConcepts is expected to be completed by the second half of the current financial year.
Equity Trustees managing director Mick O’Brien said: “We will be working closely with SuperConcepts and advisers and clients of the platforms business to ensure the process and any options available to them are clearly communicated and the transition process is efficient.”
O’Brien added Equity Trustees will continue to provide SAF trusteeship services through Equity Trustees Superannuation, as well as provide some non-standard asset custody services for SAFs.
SuperConcepts managing director Matthew Rowe said: “As the only SMSF administrator with software accreditation, and one of only 12 SuperStream suppliers approved by the Australian Taxation Office, SuperConcepts is uniquely qualified to efficiently and securely service the administration needs of these clients and their advisers.
“This agreement stems from rigorous due diligence by both parties to secure optimal client outcomes. With a dedicated team streamlining the onboarding of referred clients, we aim to automate much of the process for a swift and smooth service transition.”
https://smsmagazine.com.au/news/2022/08/22/equity-trustees-to-buy-aet/
