Stockspot and Class in direct data deal
Automated investment adviser and fund manager, Stockspot announced this week that it would be providing SMSF accountants and their clients with direct data via an integration arrangement with self-managed superannuation fund (SMSF) administration software provider, Class Super.
It said the integration would provide SMSF accountants and their clients with a direct data connection from Stockspot to Class, enabling income processing and enabling investment tax reporting.
Explaining the move, the two firms said accountants would be able to receive a daily data feed, which included their client's Stockspot portfolio investments, capital gains, dividend statements, and franking credits. It would also automatically generate tax summary statements, cutting down on hours of administration and analysis of taxation data.
Commenting on the arrangement, Class chief executive, Kevin Bungard, said robo advice was the fastest-growing area of retail investment with total assets managed by robo-advisers pegged to grow at $US 2 trillion by 2020.
"SMSF investors are increasingly open to robo advice and Stockspot is a pioneer in this space," he said.
Stockspot founder and chief executive, Chris Brycki, claimed the automated feed from Stockspot to Class Super wouldl save accountants hours of analysis and administration work at tax time.
Recommended for you
Trustee and fund administration platform MSC Group has promoted Shelley Brown as its chief operations officer, having successfully completed the integration of the Certane Corporate Trust business.
Australian Unity’s group managing director and chief executive has announced his plans to retire at the end of the year after two decades leading the company.
TAL has appointed a senior manager for investment strategy and portfolio management who joins from a lead role at AIA.
Global wealth management platform FNZ has appointed a new group head of APAC, while boutique investment manager TWC Invest welcomes a chief technology officer.
