Self-managed super fund (SMSF) administrator SuperGuardian has transferred its 1,500 SMSFs to Class Financial Systems' administration software, Class Super.
SuperGuardian chose the cloud-based software after comprehensive due diligence found the software would provide efficiency through scale, according to SuperGuardian chief executive Olivia Long.
"From the automation of data feeds, through to global processing capabilities, such as processing corporate actions," she said.
Class chief executive Rajarshi Ray said the move would unify a previously fragmented industry, bringing together five of the top 10 administration service providers under the same SMSF administration software provider.
He said Class is growing at just under 10 per cent, while the overall industry is growing at just 7 per cent. Class had picked up 10 per cent of the industry in two years, Ray said.
Cavendish, Heffron and Smart Super are all administered through the Class Super platform, with another large provider completing migration in August, he said.
Long said the development and resulting increased efficiency and daily reporting would make SuperGuardian's service offering much more attractive to accountants and financial planners.
"For less than $2,000 per annum including audit, our advisers and clients can log in online at any point and view their investment portfolios, member statements and other vital fund information – daily," she said.
Class Financial Systems integrated Class Super with Bravura Solutions' Garradin investment management software last month to provide more comprehensive investment updates.
