BT Wrap adds SMSF service

By Zoe Fielding

BT Financial Group has become the latest entrant into the self-managed superannuation (SMSF) administration market, launching a service to administer SMSF funds and small AustralianPrudential RegulatoryAuthority (APRA) funds through its wrap platform.

BT head of product development Jeroen Buwalda said the SMSF offering was aimed at funds where the client was the trustee, while the small APRA funds took on the trustee responsibilities of running an SMSF.

He said both offerings assisted in the establishment, accounting, compliance and administration duties on the trustee’s behalf.

“With the large number of DIY [do-it-yourself] super offerings in the market, we’ve structured the BT DIY Super Service so that it is cost effective and easy to administer,” he said.

Buwalda said the DIY solutions would remove the need for advisers to issue separate sets of instructions to the platform provider and the administrator, while advisers and investors maintained control over underlying investments.

He said Cavendish Superannuation would perform all administration for the service withTrust Super providing compliance and handling other trustee obligations in the small APRA funds.

In February, both ColonialFirst State and AXA launched similar services to assist advisers in administering SMSFs, adding to a growing number of such services available.