In an effort to better inform trustees as well as its adviser clients, independent wealth product distributor Wealthtrac has launched a mobile application that is designed to deliver news and information to anyone interested in self-managed superannuation.
Describing the service in further detail, Matthew Johnson, managing director and chief executive officer of Wealthtrac, said that the development was an important step forward for the business.
"Our cloud-based SMSF platform brings together all SMSF administration and reporting needs into one centralised hub," he said.
"The ease of administration and level of reporting provides significant time savings for the accountants, advisers and trustees who use it.
"This means they can focus on the areas that truly add value for their clients and their business," Johnson continued.
"Our app will also assist in this process by providing the latest SMSF news, access to SMSF education documents and will allow trustees to find their nearest adviser.
"Users will also be able to set up an SMSF, and we believe this is the first time an SMSF has allowed for this level of functionality."
Johnson said that Wealthtrac was committed to developing products and services that enhance the client-adviser relationship.
"At Wealthtrac, we have a very strong belief in the independent advice model and all our services aim to strengthen the adviser-client relationship," he said.
"Self-managed super is probably the most complex area of superannuation.
"Unfortunately, it is also where people seek the least [amount of] advice but actually need the most help."
According to Johnson, the ability to focus on delivering investment and strategic advice will be what defines the SMSF advice industry in the future.
"At a recent event hosted by Wealthtrac, a number of senior industry figures expressed concern that not enough is being done to protect SMSF investors from poor investment and strategic decisions," he said.
"The debate on the enshrinement of the term 'financial adviser' also rages on, but we believe what will set qualified advisers apart from the spruikers is education and the ability to deliver advice on complex areas such as estate planning, contribution caps, related party transactions and other trustee responsibilities.
"Excellence and ease in administration tools will underpin this success, but it is the advisers themselves that will make the real difference."
Originally published by SMSF Essentials.