Summit master trust rolls out own DIY
Summit master trust has rolled out its own DIY service for self managed
super funds (SMSFs) and their trustees, offering administration and custody
services.
Summit master trust has rolled out its own DIY service for self managed
super funds (SMSFs) and their trustees, offering administration and custody
services.
Dubbed 'Super Drive' the product is designed to be used primarily by investors, with oc-casional assistance from an adviser or accountant.
Summit Service manager Kim White says the aim of the product is to simplify
the running of SMSFs with Summit providing administration, documentation and
compliance.
"Control and flexibility are the key benefits of self managed super but the
time and effort to run a successful and compliant fund can be a major
problem," White says.
White says Summit will cover the areas of providing and holding
documentation, holding assets on behalf of a fund, providing consolidated
performance and financial reports, monitoring changes to the law and the
calculation and lodging of the fund's tax return.
The extensive nature of the service, according to Summit, means that SMSF
fund members will deal with only one point of contact within Summit.
The product will have access to retail and wholesale managed funds, direct
shares, bonds and traded life policies as well as allowing the inclusion of
business real property. Life and salary continuance insurance will also be included in the product.
Summit offers master trust, wrap accounts and banking services and
currently has $1.5 billion in funds under administration.
AUTHOR
Jason Spits
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
