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How to Make Sure You Get the Most Out of Your SMSF Solution

A self-managed super fund (SMSF) allows the member to control and manage their superannuation fund. While there are other funds out there, the distinction of the SMSF is that the members are also considered as the trustees of the fund. As such, they can customise the fund to make sure it is tailor-fit to their needs.

According to 2014 data, there were already more than a million Australians who are managing their own superfunds. A majority of them are professionals and self-employed. More than 6 in 10 of all the retirement income in the country is being held by SMSF.

However, you need to be fully engaged with the SMSF. Unlike with other passive investments, you really need to spend time (and money!) to maximise the benefits and returns.

Accountants and planners know all too well how difficult it is, especially if they are managing multiple funds for different clients.

The most difficult part of the process is how to manage and monitor your funds. Accounting firms and financial planners are making use of the bespoke solutions of SMSF admin to always be on top of their game.

Fortunately, technology is catching up to ease the burden on financial managers. If you are looking for wholesale solutions, here are some of the questions you need to be asking:

1)Are the solutions proactive? 

The software should be up to date to get real-time information on the super funds. Plus, the service provider should be ahead of the curve in trying to anticipate potential issues down the road, including legislation that may impact your client’s funds. For example, a dedicated SMSF portal will drastically make your life easier since you only need to log in to one account and have a bird’s eye view of the funds you are managing. You can see the reports, real-time information, documents, fund details, query flow, and key statistics. You can also communicate with your client using the same portal.

2)Will it make your life easier?

Financial managers do not want to be tied down with administrative work, which would restrict them from their core purpose, which is to find creative ways to improve the income stream for their clients. The bespoke solutions should automate the repetitive tasks and take them off your hands. In the same vein, it should be easy to learn. You do not want a lengthy learning curve because time is money. With the dedicated portal, you can apply online for all the SMSF services, which would streamline your workload. Finally, the services should be bespoke to your needs, which means that they should have customization capabilities.

3)Will they help you manage costs?

As your processes become more efficient, you can save money on the overhead because you cut down on redundant tasks. You optimize the value of each of your staff since they would not be wasting time on admin tasks. The real-time information will also help them provide more accurate advice to the client. In turn, the satisfied client is more inclined to recommend your services to others.

Online smart solutions are helping accountants and financial planners manage the funds of their clients. Contact SMSF admin for a customized package that fits your needs, whether you are handling a single fund or more than a hundred.

 

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