Class Super tops SMSF admin usage

Class Super is used by 57 per cent of advisers who use self-managed superannuation fund (SMSF) administration software, according to a Netwealth report.

Netwealth’s ‘AdviceTech Research Report 2017’ found 33 per cent used BGL, 17 per cent used ‘other’, seven per cent did not know, and two per cent used eSuper.

Adviser usage of Class Super and BGL were expected to have a 42 per cent usage rate by 2019.

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The report also found 29 per cent of advisers used SMSF administration software, 42 per cent would potentially adopt SMSF administration software by 2019, and 13 per cent intended to use it in the next 28 months.

According to Netwealth, advisers with clients with larger average balances were more likely to currently use SMSF administration tools, or anticipated usage by 2019.

More than one-third (37 per cent) of advisers with clients who had balances of $500,000 or more used SMSF administration software compared to 31 per cent of those with balances between $250,000 and $500,000, and 20 per cent with balances of $250,000 and below.

Almost half (49 per cent) of advisers with clients who had $500,000 or more anticipated usage by 2019, compared to 40 per cent of advisers with clients who had a balance of $250,000 to $500,000, and 42 per cent of clients with $250,000 and below.

The report also found that 97 per cent of advisers said their business did not use robo investment technologies for their client super and/or investment portfolios. Another 73 per cent of those that did not use the technology had no plans to start using these technologies in the next 18 months.

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