H&R Block enter SMSF admin space
Yet another player has moved to enter the self-managed superannuation fund (SMSF) administration space — this time it is tax accountancy firm, H&R Block which has announced the creation of an SMSF administration division.
Not unlike offerings such as Countplus' soon to be floated, Class Super, H&R Block's offering will be a cloud-based offering and the firm is selling the offering as an administration-only product.
The firm has made clear that it will not be getting into the delivery of advice around SMSF investments — something which will largely obviate the need for the company to become heavily engaged in the new accountant licensing arrangement.
The new SMSF administration division will be led by Kimberlee Brown who said the aim was to deliver a high quality product at reasonable cost.
"Most importantly of all, we're going to be in the business of educating our potential customers," she said. "There's a lack of knowledge about how SMSF's work, how to set one up, how to run it, the potential costs and benefits and we'll be looking to educate consumers and clear away some of the misconceptions."
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