Three self-managed superannuation fund (SMSF) service providers, Super Concepts, Roberts & Morrow and The Super Group, have signed up to use Supercorp’s online automated administration facility superMate.
The group notes strong demand for updated technology software for the SMSF space and attributes the wins to its competitive edge and unique feature which make it stand out against competitors.
“One [unique feature is] workflows, which for a large administrator means that they can define exactly how different aspects of SMSF work will be done, so starting a fund, proceed contribution and paying a pension workflows mean that even a junior person will be able to process and do the work in exactly the same way as a senior person,” Supercorp national sales manager David Mendelovits told InvestorDaily.
“If somebody leaves the company in the middle of [a job] someone else can be brought in and continue working through the same process and that’s a really important asset of SuperMate, especially for large companies like Super Concepts.
“I guess another really important one is doing things in bulk. There is lots of corporate action, some of which are quite complex.
“But with SuperMate you can enter a corporate action once and apply it to all the funds rather than having to do it fund by fund. If you’ve got thousands of funds, that is a big productivity saving,” he said.
Although Super Concepts already used Supercorp software, Supercorp managed to win the group over again to choose for SuperMate following a long evaluation process.
“They were looking for high levels of efficiency, high levels of automation, they are a very large processor, one of the two largest in Australia and they need to have confidence in the quality and integrity of the data,” he said.
“How do they migrate from what they currently had to the new system? That was an important consideration. I guess the viability of the different vendors that they were looking at and the track records, and so on, would have been taken into consideration as well.”
“Supercorp is very pleased to have been successful in this review and to be able to continue its long relationship with Super Concepts,” Supercorp chief executive Kurt Groeneveld said.
“We expect to have Super Concepts’ several thousand SMSFs transitioned to the new software over the next few months and that the new system will be fully operational by July 2012,” Mendelovits said.
Roberts & Morrow also selected SuperMate in order to make use of the increased productivity stemming from the solution’s improved automated data loads as well as MS Word integration for reporting.
