A new one-stop-shop SMSF solution that aims to help financial advisers keep on top of administrative and regulatory burdens has launched.
Practical Systems Super meets the needs of small accounting and advice firms by providing services such as fund setup, financial recordkeeping and investment monitoring.
Founder Bob Locke said the cloud-based software solution provides an SMSF service to clients without the burden of keeping up compliance, licensing and auditing requirements.
"Practical Systems Super is completely independent of any financial institution or organisation and entirely Australian-based. One of our objectives is to achieve cost-efficiencies for the benefit of our clients through smart technology, rather than through lower labour costs via overseas outsourcing," he said.
"Recent changes to superannuation regulations has resulted in the need for real-time administration and monitoring of SMSFs, particularly when fund members start to draw down on their accumulated benefits."
Armidale-based Locke also created Practical Systems Super's software Cashbook.
Rainmaker analysis of APRA data shows total net flows between APRA-regulated super funds and self-managed super funds has steadily decreased over the last three years.
In 2016, $8.1 billion made its way into the SMSF sector, followed by $8.5 billion in 2017 and a further $8.6 billion last year.
The Australian Taxation Office estimates there are more than 600,000 SMSFs.