Class Super has developed a self-managed superannuation fund (SMSF) administration application alongside independent financial planning dealer group AFS that will be rolled out to advisers this month.
The system AFS will be using differs from the one developed for Count Financial close to a year ago.
The main reason for the difference, according to Class Super chief executive Richard Barber, is the diversity in the two businesses, with AFS being predominantly an advisory practice and Count having a greater focus on accounting.
“From Count’s perspective its system revolves very much around using Class for its operational system capability and not a complete end-to-end solution,” Barber said.
“But for AFS a complete end-to-end solution is a very attractive thing.
“We did a lot of beta testing within AFS that provided a real sanity check over the system at an accounting level and also in terms of what adaptations we needed to put into the product to make it a complete product solution.”
In rolling out the new system for its network of financial advisers, AFS should be able to benefit from being able to provide an SMSF administration service at a lower cost than other providers in the market.
“We’ve got wholesale business partners who have got their unit costing down to where they can do SMSF admin for around $500,” Barber said.
“It’s a new paradigm and it challenges the concept of the acceptable entry point, from a total asset value perspective, for an SMSF.”
