Digital tools to simplify your SMSF’s management
We now live in a digital age and as a result, there are an array of tools that can help SMSFs administer their fund, learn about investing options and products, and find investment insights.
The right digital tools can help self-managed super fund (SMSF) trustees to manage their SMSFs in a much more efficient way.
This usually starts with selecting the right SMSF platform through which to administer your fund.
Fund administration tools
James Fitzpatrick is SuperConcepts’ Chief Customer Officer. He says when it comes to choosing the right platform, it’s all about making your SMSF as easy to run as possible, and having peace of mind the fund is compliant.
“It was important to SuperConcepts to develop flexible SMSF administration services for our clients, who might hold simple through to more complex assets,” says Fitzpatrick.
For instance, SuperConcepts has a purely digital administration service called iSaver, which caters for SMSFs holding simple assets such as cash, term deposits and domestic shares, as well as one Australian residential property.
“This is popular with trustees, but we can also cater for more complex assets with our Essentials and Ultimate administration package,” says Fitzpatrick.
This suits high net worth individuals with overseas properties. “All our services focus on offering core administration and fund compliance activity, including tax lodgement and access to linked services,” he adds.
Core to this is the SuperConcepts Dashboard, which offers SMSF trustees an innovative and intuitive design, providing members with a clean, web-based dashboard that gives members a global view of their assets.
“The value to trustees is that if offers real-time access to fund summary information so you know your position at any time,” says Fitzpatrick.
“You can stay up to date with compliance updates through our alerts and we also offer the ability to upload files or photos that go straight to your accountant,” he adds.
The dashboard can also help trustees to classify unknown transactions at the time they are made, rather than factoring in the lag time, causing trustees to research back, rather than spend time on looking forward.
Another great feature of the Dashboard is that it’s a digital library for all fund documentation. All documents are securely housed on the platform so trustees can take another step towards operating in a near-paperless environment.
One of the best things about SuperConcepts is the built-in workflows that ensure your accountant or adviser doesn’t miss any important steps in your administration activities.
Each activity is broken down into simple steps, minimising errors and maximising compliance. Funds are moved through the workflow process, based on various triggers, for example year-end reporting.
Product and investment tools
Fitzpatrick says more and more SMSF trustees are using the SuperConcepts’ dashboard feature called ViewSuper as it provides fund information at their fingertips, it’s intuitive and allows trustees to keep an eye on their super anytime, anywhere.
Additionally, new features are always being added to the platform.
“Innovation is at the heart of everything SuperConcepts does, from freeing up SMSF professionals’ and trustees’ time from the burdens of administration to creating flexible education packages that boost SMSF knowledge,” he adds.
The SuperConcepts team recently applied itself to solving one of an SMSF trustee’s more pressing issues – finding financial products and services for their SMSF.
“We wanted to find a way for trustees to quickly source products that they could have confidence in while streamlining the application process,” Fitzpatrick says.
As a result, SuperConcepts Connected Services will be introduced in the coming months. This is a new product marketplace platform that sits within the SuperConcepts dashboard that will be available to SuperConcepts clients.
There are several digital tools to help SMSFs gain insight into portfolio construction, expert opinions, and the views of peer trustees.
The AMP Capital SMSF Community
is an online community where likeminded investors, alongside investment and technical experts, can connect by sharing ideas. AMP Capital experts including Dr Shane Oliver and Diana Mousina post market updates weekly, making the SMSF Community a great place for investors to keep up to date and have investment or technical questions answered. Sign up here.
allows SMSF investors to compare their holdings to other SMSF investors’ funds’ holdings, alongside AMP Capital experts, to overlay a comparative view on portfolio construction.
Aside from the tools available through SuperConcepts and AMP Capital’s SMSF Community and SMSF Pulse, the Australian Taxation Office has a host of information for SMSF trustees to run their fund more effectively here.
The Australian Securities and Investment Commission’s (ASIC’s) site also has great information here.