Mercer has launched a new administration and compliance service for the self-managed superannuation fund (SMSF) market.
In addition to the administration and compliance components, the Mercer Self Managed Super service will also offer SMSF trustees access to a variety of multi-manager investment options.
The new product has been developed to help deliver the same type of services and benefits individuals have been used to from membership in larger superannuation funds before setting up their own SMSF, according to Mercer outsourcing business leader for Asia Pacific David Anderson.
In particular, the service has been put together in response to research conducted by Mercer that revealed new SMSF trustees were not prepared for the level of administration work they were required to do and did not understand some of the ancillary benefits they have been forgoing, such as insurance cover.
"We've established this service to ensure members have access to the right information and tools regarding SMSFs," Anderson said.
"In addition to managing the administrative and regulatory requirements on behalf of the trustees, we give members the best of both worlds by potentially allowing them to maintain their discounted insurance premiums and superior cover through their employer plan, and give them the option to access Mercer's multi-manager investment options and professional and personal advice."
Quarterly investment reports, integrated banking and online broking are other features included with the service, as well as a dedicated help line giving trustees access to the administrator or a Mercer financial adviser.
"Mercer regards this new service as an important component of our strategy to increase intimacy with members and meet the needs of members at various stages of their super lifecycle, as well as to help us grow our presence in the fastest growing segment of the superannuation market," Anderson said.
