Platform provider Praemium has launched its self-managed super fund (SMSF) offering, Smart Wrap SMSF, which the company said would engage, rather than create competition, for accountants.
Chief executive officer Arthur Naoumidis said the platform would leave the administration process to clients’ accountants, which would not threaten their business.
Naoumidis said accountants had shown their discomfort with handing down their business to platform providers.
“Everyone else is creating a super product on a wrap and their strategy is ‘we’ll do it all for you’, which is actually a threat to the accountant,” Naoumidis said. “Our business model is totally opposite: we are not threatening the accountant, we’re actually paying him.”
He said the company charged a higher fee for its SMSF wrap than the non-SMSF offerings, with the difference being paid to the accountant.
Naoumidis added he expected a quick take-up, with accountants making up half of Praemium’s clients.
