Western Australian-based dealer group Wealthsure has entered into an agreement to use Multiport software in the administration of its clients’ self-managed superannuation funds (SMSFs), and has signed 15 more planners to the group.
Wealthsure chief executive Darren Pawski said several members of the dealer group, which now has around 120 planners, used Multiport’s services prior to joining Wealthsure and recommended the administration provider.
Multiport, which also administers AXA Australia’s recently released SMSF offering, provided a similar service to other institutions, but at a lower price to clients.
“They have a technical support back-up as well, so when advisers do SOAs [Statements of Advice] and they’re putting the strategy together, they’ve got a backup there to use that product,” Pawski said.
He said Wealthsure required its planners to complete Tribeca’s SMSF training to offer advice in that area, but Multiport also offered adviser training, and this had been another attraction.
He said the agreement to use the service came into effect on April 1 this year, and the product would be launched to advisers at a series of professional development days starting next week.
Multiport managing director John McIlroy said the service provided reporting, online access to data and compliance surveillance, along with daily administration and reconciliation of accounts.
“One of the features that [dealer groups] like is that they know someone’s watching the transactions go through these accounts every day from a compliance perspective … The other thing is that because we keep the records up-to-date every day, so that the cash accounts are reconciled, we reprice the assets every day, so both advisers and their clients have access through our website to that updated information every day.”
McIlroy said having access to updated information allowed advisers to offer more proactive advice.
He said Multiport currently administered around 500 SMSFs and had plans to grow that number to between 800 and 1,000 in the next 12 months.
