The use of cloud technology can open up more client bases for financial advisers, said an online portfolio provider.

Executive director of Sharesight, Andrew Bird explained said the cloud computing process made it easier to connect different systems together to provide efficiencies.

"You can access information from anywhere and it's stored and backed up centrally which is more secure and more functional than a typical stand-alone service," said Bird.

The interconnections that cloud computing does through a web-based service are one of the most valuable parts of cloud computing, he added.

"It's cost saving to the adviser or accountant particularly because what they tend to do with SMSFs is there's usually a lot of time spent either gathering info about the fund and its investments which often requires re-keying a lot of the data, even if the client is using a wrap," said Bird.

"In the SMSF world where people are trying to take more control of investments and also look at ways of managing things more efficiently, we think this kind of platform is really the key to lowering costs over time because it still provides investors with efficient administration but still retain a lot of flexibility to manage the portfolio the way they want."