Specialist documentation and education provider Smarter SMSF has developed an information source for practitioners using an artificial intelligence (AI) platform.
“We’ve built a content repository that provides AI-generated responses to clients’ questions based on existing Smarter SMSF materials. The tool is continually being developed and if the platform cannot provide an answer to a query, it will log a ticket with myself or [Smarter SMSF education and technical manager] Tim Miller and we will input the additional information required,” Smarter SMSF chief executive and founder Aaron Dunn told selfmanagedsuper.
Only Smarter SMSF clients will have access to the facility and the data bank will not be available to be drawn upon by the greater AI universe.
Caveats for the current state of the sector and potential future developments have also been built into the system.
“For example, it will tell the user to note the Div 296 tax laws are yet to pass,” Dunn indicated.
Further, the platform can take the information provided and generate documentation a practitioner can use for their client records.
“I can ask the tool to create a file note or an extract that can be included in a statement of advice. Eventually it will be able to convert the information into a Word document that can be posted somewhere,” Dunn explained.
He pointed out the facility also provides a warning system for practitioners if the relevant request places them in potential compliance danger.
For instance, should an accountant ask the platform to prepare documents to change the title of SMSF assets because a fund had an individual trustee structure and a member has died, the platform will alert them to the fact they could be preparing legal documents, work they may not be licensed to do.
In the coming months, the service will be capable of generating trustee minutes and resolutions.
Access to Smarter SMSF’s AI tool will be provided on a user-pays basis charged via a monthly fee, allowing clients to submit a limited number of queries over that period.
