The Commonwealth Bank of Australia have launched an online portal for self-managed super fund (SMSF) trustees to administer the management, compliance and reporting frameworks of their SMSF, as well as gain a holistic view of assets and liabilities within their portfolio.
CBA's new offering comes on the back of findings from the Investment Trends 2015 SMSF Investor Report, which identify the three most difficult aspects of running SMSFs as selecting investments, keeping abreast of changes in rules and regulations, and managing paperwork and administration.
Marcus Evans, Head of SMSF Customers at Commonwealth Bank, said there was a significant opportunity for the bank to support the growing Australian SMSF Sector, which is comprised of more than one million SMSF trustees.
"We have been servicing the SMSF market for more than 20 years and we continue to listen to trustees about their evolving needs," Evans said.
"As a result, we have enhanced our SMSF offering by combining digital resources, the SMSF specialist team providing phone support and expertise across all areas of CommBank to better service this significant and growing segment of Australians who choose to manage their own super."
In addition to the new online portal, CBA has announced an updated digital offering that provides a new SMSF Portfolio feature as well as a single access point for both NetBank and CommSec.
As part of the bank's MyWealth platform, the new SMSF Portfolio feature will allow trustees to view their investments and category mix in a single view portal that includes a snapshot of their assets and liabilities, as well as the option to add investments held personally or with other financial institutions.
"CommBank's enhanced SMSF offering aims to address key challenges faced by trustees by providing them with seamless online access to our platforms, research, insights and experts, to inform better investment decision-making," Evans said.