ING and self-managed super fund (SMSF) service provider Super Concepts have introduced a new instrument called One2super to help financial advisers provide better services to this growing segment of the market.
“ING has been able to leverage off the expertise of Super Concepts and also the expertise of Portfolio One [ING’s full service investment platform] to create a product that will assist advisers in managing their clients,” said Super Concepts national sales manager Justin Sadler.
The main strength of the new tool is to make the administrative functions easier for financial planners to allow them to allocate more of their time to providing valuable advice for their SMSF clients.
“The product provides reports from a portfolio and income reporting point of view, and obviously there’s also the reporting from a compliance and legislative perspective for the ATO [Australian Taxation Office] side of things,” Sadler explained.
“It also enables the adviser to utilise a full service investment platform from Portfolio One and use that in a self-managed environment for those clients who want managed funds and direct shares in their portfolio, but also want the services of an adviser to assist them,” he added.
Sadler said feedback from advisers had been positive since the product launch, with “quite a number” of planners already expressing interest in using it.
The launch of the new product has come in response to the ever-growing SMSF market that financial planners can look towards servicing in order to expand their businesses.
“With $204 billion now invested in SMSFs, representing 26 per cent of the total super market, a growth rate of 19 per cent and a projected total of $967 billion by June 30, 2015, this is a huge and dynamic market,” Sadler said.
