BT has announced a new partnership with Heffron to provide financial advisers and SMSF members with a service offering improved end-to-end support in the running of a retirement savings vehicle of this nature.
In particular, the initiative will align services such as investment expertise via the BT Panorama platform, as well as digital establishment, specialist administration and education features.
The deal means individuals looking to establish an SMSF can now do so with the help of Heffron’s digital application and subsequently gain access to the organisation’s educational content online.
Further, after the fund is set up, users of the new service will be able to benefit from the investment solutions on the BT Panorama platform after they have created a relevant account.
The aim of the move is to allow advisers more time to focus on client needs by alleviating administrative responsibilities and for SMSF members it is intended to provide a more convenient avenue to Heffron’s specialist administration.
The service will operate on a factual basis and will not offer a financial advice solution.
According to BT chief product officer Annabelle Kline, the arrangement with Heffron reflects how financial services platforms can assist advisers in the servicing of clients with more complex superannuation structures like SMSFs.
“For some clients an SMSF may be the right structure for their circumstances, but it also comes with additional administrative, compliance and investment complexity,” Kline noted.
“Advisers are increasingly looking to platforms and specialist partners that can help support clients who choose this path, including providing streamlined administration and access to investment solutions.
“By partnering with Heffron, we’re responding to that demand by making it easier for advisers to support clients through SMSF establishment and ongoing management, while accessing investment solutions through the BT Panorama platforms.”
Heffron managing director Meg Heffron indicated the initiative is a result of changing SMSF trustee behaviour.
“We’re seeing more people choose SMSFs as they seek greater control and flexibility than traditional superannuation structures can offer, particularly as their financial needs become more complex,” Heffron said.
“At the same time, advisers are increasingly turning to platforms to help manage the administration, reporting and investment requirements that come with running an SMSF.
“Partnering with BT allows us to support that shift with a more streamlined, connected experience.”
