Cavendish Superannuation and Super Concepts have agreed to be the default administration providers for a SMARTwrap offering for self-managed superannuation funds (SMSF).

The two SMSF administration providers have signed a heads of agreement with provider, Praemium Limited, for SMSF solution SMARTwrap that incorporates administration costs of the SMSF within the fee structure.  

Andrew Hamilton, managing director of Cavendish Superannuation, said the group was excited to be part of this new initiative and to further build its long-established relationship with Praemium.

"We believe this service is an ideal way for financial planners to manage their clients self managed super funds needs," said Craig Jameson, managing director, Super Concepts.

This is the third part within Praemium's SMARTwrap offerings targeting the SMSF sector as the provider delivers a bundled service where the SMSF can sit on its SMARTwrap platform without advisers paying administration costs.

"Because we believe more financial advisers will need to become involved in this sector or get left behind in client services, Praemium as a result has developed its SMARTwrap SMSF to ensure they are able to meet client requirements and expectations,' said Arthur Naoumidis, chief executive, Praemium Group.

Cavendish currently has over $4.5 billion funds under administration while Super Concepts is managing more than 4200 SMSFs with over $4 billion in funds under administration.