The OneVue/Investment Trends 2013 SMSF Accountant Report found that more than half (54 per cent) of recent SMSF client investments were made through an investment platform, despite only one in five clients currently using a platform.
Brett Marsh, the head of partner solutions at independent platform provider OneVue, said accountants estimate only 18 per cent of their clients use investment platforms but 59 per cent of the 613 accountants surveyed believed platforms are an appropriate online facility to manage SMSF client portfolios.
“The most common reason accountants said platforms were appropriate for SMSFs were consolidated reporting, access to wholesale funds and wholesale rates, as well as easier administration and tracking of investments,” Mr Marsh said.
“Meanwhile, the common drivers for nominating a platform as the most suitable facility for SMSF clients were good reporting, good administration, easy to manage, familiarity with the platform they use and a comprehensive investment menu.”
The main barrier to use was seen universally as high costs.
“A number of platforms have been cutting fees in recent times and more are placing greater attention on offering new efficiencies for those advisers and accountants who work alongside each other in catering to the SMSF sector,” Mr Marsh said.
“I think the newer platform entrants are really paving the way for further innovation to support accountant and adviser partnerships, particularly as they are not hamstrung by legacy systems, which can sometimes be very costly to change.”
