COMMBANK ENHANCES SMSF EXPERIENCE WITH NEW DIGITAL FEATURES

• New Portfolio feature enables trustees to create single online view of SMSF investments.
• SMSF offering draws on strength of leading cash and equities trading platforms, including NetBank and CommSec.
• Research shows nearly one in two trustees say it would be useful to have a view of all SMSF investments in one place¹.
• Launch of online SMSF administration portal for compliance, management and reporting.

Maintaining visibility over Self Managed Super Funds (SMSF) just became easier for trustees with the launch of an enhanced digital offering.

At the core of an improved CommBank offering is the new SMSF Portfolio feature, an online portal which enables trustees to create a complete view of assets and liabilities within their SMSF portfolio, and provides a single access point for both NetBank and CommSec.

Accompanying the Portfolio feature launch is the establishment of a new online administration service to support SMSFs with all compliance, management and reporting requirements.

Marcus Evans, Head of SMSF Customers, Commonwealth Bank said, “We have been servicing the SMSF market for more than 20 years, and we continue to listen to trustees about their evolving needs. There is a significant opportunity for CommBank to support the growing Australian SMSF sector, which comprises more than one million² SMSF trustees.

“As a result, we have enhanced our SMSF offering by combining digital resources, the SMSF specialist team providing phone support, and expertise across all areas of CommBank, to better service this significant and growing³ segment of Australians who choose to manage their own super.”

Investment Trends⁴ research also shows that nearly half of SMSFs (48 per cent) say it would be useful to have a service that shows all their SMSF investments together.

“Our new offering provides a single view portal, giving trustees more control over their investments and the ability to make better informed decisions. We can now provide all customers with a clear snapshot of their SMSF position, and support all their administration requirements online,” Mr. Evans said.

Part of CommBank’s MyWealth platform, the SMSF Portfolio feature enables trustees to easily see in one place their investments and category mix, including a simple picture of assets and liabilities. Through MyWealth, customers can also easily see their personal wealth outside their SMSF, including accounts balances and transactions on most CommBank accounts and the option to manually add investments held personally or with other financial institutions. The Investment Trends 2015 research⁵ also outlines the three hardest aspects of running SMSFs as selecting investments, keeping track of changes in rules and regulations, and managing paperwork and administration.

“CommBank’s enhanced SMSF offering aims to address key challenges faced by trustees by providing them with seamless online access to our platforms, research, insights and experts, to inform better investment decision-making,” Mr Evans said.

The new SMSF Portfolio feature further builds on CommBank’s ongoing investment in technology and products aimed at providing trustees with an integrated SMSF experience. This suite of products includes term deposits, equity investments and the SMSF Cash Account (Commonwealth Direct Investment Account), which acts as a transactional cash hub for SMSF investments. This makes managing and tracking investments and cash flow simple and easy.

“More Australians are already using CommBank to manage their cash, CommSec to trade equities, and Colonial First State is Australia’s largest provider of retirement solutions. When you bring these capabilities together, and provide a platform to create a single view, we are ideally positioned to service the needs of SMSFs,” Mr. Evans said.

Investment Trends 2015 research⁶ also shows nearly half of SMSF trustees indicated administration and regulation to be some of the hardest aspects of running their SMSF.

To further support trustees, the SMSF administration team has partnered with SuperIQ to establish a set up and administration service, providing a single online window for trustees to manage the compliance, reporting and administration of their SMSF.  The setup and administration service includes an overview of the SMSF fund's position, and gives users the ability to:

• Set up an SMSF or transfer across their current SMSF
• Ensure their SMSF is compliant with ongoing administration support
• Consolidate all online documents and reports
• Monitor SMSFs investment strategy
• Manage tax, accounting and auditing requirements
• Access a range of other services including actuarial certification and trust deed amendment.
• Access the SMSF set up and administration team.

“We have responded to demand from our customers to provide them with key resources required to make informed decisions regarding their SMSF, and a fundamental part of this is ensuring they have the tools to manage their fund easily and efficiently,” Mr. Evans concluded.