by clicking the arrows at the side of the page, or by using the toolbar.
by clicking anywhere on the page.
by dragging the page around when zoomed in.
by clicking anywhere on the page when zoomed in.
web sites or send emails by clicking on hyperlinks.
Email this page to a friend
Search this issue
Index - jump to page or section
Archive - view past issues
Forward Thinking Magazine : April 2011
60 How technology is being used Advisers, accountants and fund managers are all focussed on how they can automate their SMSF administration. BGL’s Ron Lesh says SMSF advisers want to get away from manual entry. By improving their levels of automation, businesses can lower their cost significantly as well as reduce errors. The first thing BGL automated was all the data coming in and out of Macquarie’s cash accounts. With one in every four SMSFs using Macquarie’s CMA, significant efficiencies were gained. During the past 12 months, BGL has developed an automated system for establishing SMSFs. Lesh estimates the cost saving of automating processes can range anywhere between 10 to 20 per cent and up to 50 per cent. Meanwhile COIN software focuses on providing a one-stop shop for SMSF advisers. It can assist SMSF businesses with the generation of Statements of Advice (SOA) as well as offering full CRM, back-office support, adviser financial planning tools, practice management tools and ongoing SMSF service tools such as portfolio reviews, administration and interfaces with SMSF administrators. “We are helping planners to join the dots,” McCabe says. The software can be configured so that it is tailored to the needs of a particular business. It also has technology to help SMSF practices be better businesses. “We’ve got practice management tools that allow advisers to match up revenue and costs to service so they can match those drivers to client needs,” McCabe says. What’s critical in any business model servicing the SMSF market is how all the various technology solutions come together. The Super Group says it can offer SMSF advisers a growth proof business model because they can unbundle key elements of the administration process to take advantage of any regional cost differences or alternate service offerings. It is this sort of flexibility that helps advice businesses evolve further along the efficiency frontier. Make sure you can easily track the cashflow of your clients’ funds so you can act quickly on market opportunities. Integration is key. Avoid manual data entry by using datafeeds or downloads of each fund’s transactions directly into your financial planning and accounting software. Plus, data needs to be easily shared between the SMSF’s planner, accountants, auditors and administrators. Ensure the initial set up of software will enable the further evolution of efficiencies. Template SOAs can provide a business with a quick way of servicing SMSF clients while standardising the way SOAs are generated. Make more time for your clients. Splitting the client base alphabetically between A-L and M-Z and moving to bi-annual reviews reduces the impact of annual reviews and spreads the workload more evenly over the year. Tips for moving towards a more efficient SMSF advice business