Bendigo Wealth has launched an administration service for self-managed superannuation funds (SMSFs) designed to cater for every aspect of running these types of retirement savings from establishment to ongoing management.
Called SuperAstute, the offering has been developed with SuperIQ, the organisation that is providing the administration platform.
The product has been launched to provide a one-stop-shop for the administration needs of both accountants and financial planners servicing SMSF clients.
"We looked at the SMSFs that already had a relationship with the bank either through our cash management account or our term deposit and realised we already had substantial amount of SMSF customers," Bendigo Wealth senior manager technical and research Julie McKay told InvestorDaily.
"So really for us the launch of SuperAstute makes sense from a value add point of view for our customer because it gives them a huge amount of peace of mind ensuring they're compliant while also allowing them the flexibility of investing in Bendigo products or product outside of the bank."
Users of SuperAstute will be able to access consolidated information through a variety of data feeds across the industry facilitated by Class Super.
While the offering has been developed with the support of SuperIQ it has been released to the market as a product under Bendigo Wealth's Australian financial services licence.
This arrangement has allowed Bendigo to better tailor the service for its customers incorporating features such as access for SuperAstute trustees to TAL's Accelerated Protection life insurance product range.
"The Super IQ offering doesn't have TAL and we are looking at re-launching our direct lending into property soution within the next couple of weeks as part of this," Bendigo Wealth business development manager Matt Low told InvestorDaily.
"There will be a more seamless integration if the client has all of these aspects at their disposal and it will provide them with a one-stop-shop for everything."
