Online investing platform OpenInvest will begin providing a data feed into BGL’s SMSF administration software, as well as into its portfolio, accounting and tax offering.
The data feed into Simple Fund 360 for SMSFs and Simple Invest 360 for portfolio, accounting and tax went live today, with OpenInvest chief executive and co-founder Andrew Varlamos noting BGL’s platform was used by more than 8000 firms that administered over 290,000 SMSFs.
Varlamos added a growing number of OpenInvest’s accounts were also SMSFs administered on Simple Fund 360 and the data feed would be beneficial for BGL clients.
“Of the close to 40 firms who have signed up with OpenInvest for their own online investing solution, we have eight who are diversified wealth and accounting firms and these firms in particular will be able to provide a more efficient service to their SMSFs,” he said.
BGL managing director Ron Lesh said the rising costs of financial advice were likely to drive more SMSFs to access professional portfolio management from an entity they trust at a lower cost.
“Close to three-quarters of Australia’s SMSFs do not use a financial adviser for their investing and yet they regularly say in surveys they want help with their investing,” Lesh said.
“OpenInvest is giving Australia’s financial advice firms a means to offer an online investing solution via general advice, thereby allowing them to reach a broader audience.
“We’re very pleased to be working with OpenInvest on its mission to help bring the benefits of professional portfolio management to more Australians.”
The data feed arrangement is the first for OpenInvest with an SMSF administrator and Varlamos told selfmanagedsuper plans were underway to provide data feeds into the platforms of other administrators now the BGL feed had gone live.
OpenInvest is also continuing to expand the number of financial advice and accounting businesses that use its platform for their clients, with the most recent, Pascoe Partners, signing on in June.