Long-serving SMSF sector executive Olivia Long has started a new administration firm that will leverage artificial intelligence (AI) to produce financial reports for clients and will offer a white-label solution to accountants and financial advisers.
The new Adelaide-based company, SMSFAI, will be led by Long, who was most recently SMSF managing director at Prime Financial Group, Intello and ExpertSuper and was previously chief executive at SuperGuardian.
SMSFAI will offer fund establishment, administration and accounting services, and can appoint a fund auditor and oversee the audit process. It has partnered with video report creator Digital Rapport to integrate AI into these processes.
“Our partnership with Digital Rapport sets us apart as the first SMSF administrator to leverage their advanced data automation and AI technology. Their video reports provide real-time insights into financial health and performance trends, tailored specifically for SMSF trustees, in mere moments,” Long said.
“Video content is how we consume information in the modern age, with studies showing that video can increase information retention rates by up to 95 per cent compared to just 10 per cent with text. For financial reporting, this means our clients are more likely to understand and engage with their financial data when it’s presented in a video format.
“My goal is to pioneer the first end-to-end AI-processed SMSF annual return and independent audit. Whilst offshoring is currently the solution to our shortage of qualified accountants in Australia, AI is the way of the future.”
Digital Rapport chief executive David Cowling added: “We are so proud to be working with SMSFAI Pty Ltd and Olivia. The commitment shown to using the best-of-breed, cutting-edge technology to deliver incredible outcomes for their clients is something to admire. Digital Rapport will provide a key plank in the communication and reporting to their trustees through our seamless integrations and AI-driven analytics and voice cloning.”
