Educating self managed super fund (SMSF) trustees will be a priority for newly promoted Super Concepts general manager Paul May.
The former national operations manager has replaced John Suter, who was promoted to ING Australia marketing and sales support head.
“We have a strong focus on educating trustees of funds,” said May.
“We’ll hold their hand from the beginning. There’s a large push from the Australian Tax Office (ATO) to improve trustee education, so we’re responding to those demands.”
A recent study by the ATO found more than 30 per cent of new SMSF trustees could not provide an explanation of the sole purpose test, while over 15 per cent did not have an investment strategy.
The SMSF administrator business produces newsletters and provides assistance with clients’ annual compliance commitments.
Super Concepts will leverage its SMSF expertise into financial planning networks and strengthen relationships with its 1500 direct clients, May said.
Melbourne-based Super Concepts maintains more than 30,000 SMSFs with an average balance of $1 million.
May has worked for Super Concepts for six-and-a-half years. He was formerly Primary Superannuation Services financial controller and prior to that State Street Australia client, accounting and taxation manager.
ING Australia is a fund manager and life insurer with more than $45 billion in assets under management.
