SMSF admin key for platforms

SMSF admin key for platforms

The number of SMSF trustees who use a specialist SMSF administration platform jumped by 30 per cent in the past year, according to Investment Trends.


Speaking ahead of the 14th annual Wraps, Platforms & Masterfunds Conference in September, Investment Trends senior analyst Recep Peker said 150,000 SMSFs used an administration service this year, up from 115,000 in 2013.

Mr Peker was citing the results of the 2014 Vanguard/Investment Trends SMSF Report, which also found that SMSF trustees spend on average 6.5 hours a month administering their fund.

"This equates to a good Saturday or Sunday each month gone just running your SMSF," said Mr Peker.

Trustees who are retired and "have a lot of time on their hands" may not mind "keeping busy" and selecting investments, he said, "but for others who are really busy this can be a big hassle," said Mr Peker.

"There are a lot more trustees using administration firms, and the key driver here is to get all the annual tax reporting and audits taken care of," he said.

Low fees, ease of use and good customer service are important, but the main thing trustees want is for their platform/administration provider to take care of their SMSF's annual tax reporting and auditing, said Mr Peker.

Mr Peker will be delivering a presentation entitled 'Refocusing Platform Development' on the opening day of the 14th annual Wraps, Platforms & Masterfunds Conference in the Hunter Valley.

The conference has seen record ticket sales, with two weeks to go until the 10 September opening day.

 

SMSF admin key for platforms
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