The new service for the Axa Asia Pacific Holdings-owned firm enables the administration of a client's portfolio to be performed yearly instead of daily, as has been standard procedure.
"With many SMSFs not a lot happens from one year to the next and an annual service for these clients is more appropriate," Axa general manager of sales and marketing Adrian Emery said.
"The expansion into that annual service has really opened up a huge number of avenues, particularly for planners who have relationships with accountants who operate on an annual in-arrears basis and are not sure what the future will look like for SMSFs."
Once clients are contracted to use the yearly service, they will be encouraged to transition to daily administration if that service is deemed more suitable for their needs.
"We'd like to move them to the daily service as their investment strategies or retirement strategies become more complex," Emery said.
"The interesting thing is when we take people through what daily compliance can do, a number of them decide that is a better course of action and one that is more applicable for them.
"So we'd like to be able to migrate people up where it's appropriate for them, because I think there are a lot of people who have been on an annual service that should have been on a more regularly updated service."
