SelfWealth agreement with BGL
Online investment tool SelfWealth has signed a wholesale distribution agreement with self-managed super fund (SMSF) administration software provider BGL Corporate Solutions.
The agreement includes integration of the SelfWealth solution – which allows an investor to compare their portfolio’s performance to those of their peers, professionals and the market – into BGL’s Simple Fund 360 to be released later this year.
BGL and SelfWealth will also integrate and upload all the BGL SMSF portfolios that migrate to Simple Fund 360 onto the SelfWealth Solution on an opt-in basis.
Commenting on the deal, Andrew Ward, managing director at SelfWealth, said that it would result in up to 40,000 additional portfolios within SelfWealth by 30 June 2014 and as many as 250,000 within the next four years.
“By partnering with BGL and providing listed performance data for the majority of the SMSFs in Australia within the next few years, SelfWealth will enable the SMSF industry to truly benchmark itself,” he said.
“SelfWealth will be in a position to provide demographic performance data such as accumulation phase vs pension phase, Gen Y vs baby boomers, and provide an insight into how and why they invest,” Ward said.
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