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New app allows 20-minute SMSF set up

Superfund Wholesale has announced the launch of a cloud-based application designed to help financial advisers establish a self-managed superannuation fund (SMSF) in approximately 20 minutes.

The SMSF iSystem aims to provide advisers with a way to establish an SMSF for their clients, without using “third party services”, according to Superfund Wholesale director Kevin Nicol.

By allowing advisers to set up the SMSF, Nicol told ifa, the disconnect between advisers and administration platforms has been removed.

“Over the past few years, we have witnessed a major acceleration in the number of SMSFs being established within Australia,” Nicol said.

“While most SMSFs are still being directly set up by accountants or administrators, this simple-to-use application means every adviser in Australia can now open a new income stream within their business.”

The administration platform is not aligned to any “large financial institution,” according to Nicol, and places no restrictions on the products or platforms available.

Nicol said he anticipates the iSystem will be well received because advisers are “wanting a share” of the market.