Financial market technology company Class Financial Systems is about to roll out its online SMSF administrative platform to a major financial planning dealer group.
The Class Super system will be implemented by Count Financial in the new financial year to service its SMSF clients.
The system will initially be shown to the dealer group’s advisers at its annual conference in May.
“It will be in the form of a full white label service to them. Indicatively, they believe they’ve got in excess of 60,000 funds and just that alone will make this business cash-flow positive,” Class Super chief executive Richard Barber said.
The deal is the first with a sizable financial advisory dealer group for the Class Super platform, which was launched for the SMSF market in January.
The online facility offers advisers and accountants the ability to satisfy all of their administrative needs from the commencement of an SMSF to the ongoing running of these types of funds.
The system has the ability to accept data feeds from any platform providers or other service providers in order to generate all of the reports required to administer an SMSF.
“It’s fair to say that the bulk of the systems that are out there today are cottage-based solutions for what is now the largest asset pool of money in the country,” Barber said.
Count is looking to the platform to deliver efficiencies by eliminating the diversity of administrative systems its advisers are currently using.
“The six practices involved in the Class Super pilot program were using six different systems themselves,” Count Financial chief financial officer Michael Spurr said.
“A system that makes administering more efficient certainly will reduce the time spent on administration and allow advisers to spend more time on their core activity of giving advice,” he said.
