OneVue head of strategy, sales and service David Storm said an additional 23 per cent of SMSF accountants indicated that they wanted to offer such a solution in the next 12 months, with 47 per cent saying they were interested in doing so in the next few years.

“The report revealed that the perceived benefits of offering an online solution include greater administration efficiencies, accessibility and improved client interaction, as well as more timely information,” Storm said.

“For those not interested in providing such a solution, the main reasons were assurance of data security, cost and lack of client demand, however one in four said they would reconsider if they were assured data was secure.”

Storm said as the $532 billion dollar SMSF industry continues to grow so does the importance of online solutions that reduce administrative tasks and provide greater efficiencies to clients.

“OneVue specialises in providing SMSF solutions to advisers, accountants and other intermediaries and third parties, and they increasingly tell us that online capabilities that lead to greater client interaction and satisfaction is vital in remaining competitive in this digital age,” Storm said.

“Investors are becoming more demanding. They want real time solutions. They want figures updated all the time.

“One of the big pushes we’ve seen in the SMSF sector has certainly been around cloud based computing solutions, particularly when it comes to administration efficiencies, greater accessibility and providing more timely information.

“Cloud based services enable SMSF professionals to share information and data with clients more readily and provide real time access to investment valuations which is an extremely valuable service advantage.

“Everyone catering to the SMSF industry right now is trying to stay ahead of the pack in terms of the provision of online technology solutions, with some of the larger institutions spending millions of dollars to update legacy systems so they can in effect catch up to those leading innovation.”

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Investorfirst announces new agreement with InterPrac.

Leading investment and superannuation platform provider, Investorfirst Ltd (ASX: INQ), is pleased to announce it has signed a Platform Distribution Agreement with InterPrac Ltd (InterPrac).

The agreement will see the HUB24 platform delivered as a branded platform for use by accountants and practices that are members of the National Tax & Accountants Association (NTAA). Practices with their own AFSL as well as authorised representatives of InterPrac Financial Planning Pty Ltd will have access to the badged HUB24 platform.

InterPrac will also utilise HUB24’s market leading managed portfolio technology to create Separately Managed Account (SMA) investment options for the clients of accountants using the platform.

Commenting on the agreement, Mr Andrew Alcock, Chief Executive Officer of Investorfirst, said: “We are delighted to have been selected as the preferred platform partner of InterPrac and the NTAA. Their unique business model required us to think outside the square to develop a platform that caters for accountants and tax agents expanding their services to include financial planning. Our flexible technology allows us to provide a leading solution for InterPrac and NTAA members moving forward.”

There are almost 9,000 member accounting firms of the NTAA to which InterPrac, as a long term partner, provides a wide range of quality business solutions. These include Self Managed Superannuation Fund (SMSF) administration, finance broking, financial planning and services for the establishment of companies, trusts and SMSF funds.

As an AFSL holder and member of NTAA ADVICE, InterPrac Financial Planning has over 90 authorised representatives with over $1 billion in funds under advice.

In commenting on the agreement, Mr Garry Crole, Managing Director of InterPrac Financial Planning, said: “We selected the HUB24 platform after major consideration as to what was in the best interests of our clients. Issues that were key for us included independence, technology, fees, product flexibility, and the fact that the platform can accept non‐custodian assets for an SMSF without imposing additional cost to the client.”

The white labelled HUB24 platform, provided with NTAA endorsement, is an ideal solution for NTAA member practices. It has been specifically designed to attract and cater for SMSF clients, in addition to offering a retail superannuation wrap account.

A second NTAA ADVICE endorsed Australian Financial Services Licencee, SMSF Advisers Network Pty Limited, has also agreed to utilise the new service.

Mr Phil Osborne, CEO of SMSF Advisers Network Pty Ltd, said: “The Badged HUB24 platform is an ideal administration service for our advisers. It allows accountants and tax agents entering the financial planning arena to have a service that is not aligned to any product provider, but provides wholesale access to term deposits, over 900 managed  funds, direct shares, Exchange Traded Funds, and model portfolios from independent research houses.”

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Perpetual Investments Direct Equity Alpha Portfolio is now available to all financial advisers that access the HUB24 platform.

Commenting on the announcement, Mr Entwistle said the addition of the Perpetual Investments SMA brings to over 150 the total number of SMA/Managed Portfolios on the HUB24 investment and superannuation platform managed by 45 investment managers, asset consultants and dealer groups. This represents the largest menu of Managed Portfolios available on any platform in Australia.

This is in addition to the more than 800 wholesale managed funds, 1,000 listed securities, and multiple term deposit and insurance options, including the recently added AIA retail life insurance products.

“HUB24’s market leading SMA/Managed Portfolio functionality, provides financial advisers with a unique product alternative, offering significant cost and tax efficiencies over traditional managed fund solutions,” said Mr Entwistle.

“It also provides asset consultants and fund managers such as Perpetual Investments with a new channel to distribute their services, while allowing them to manage the protection of intellectual property.”

HUB24 was established by a team with a long heritage of technology innovation within financial services, and represents state of the art platform development. The solution offers a comprehensive range of investment options across superannuation and investment, superior transaction and reporting, and is suitable for all types of investors – individuals, companies, trusts, associations or self-managed super funds.

Mr Entwistle, added, “We are delighted that a fund manager of the calibre of Perpetual Investments has selected HUB24 to host their SMA. This underscores our great result in the recent Investment Trends platform report, ranking us in the top tier of platforms, and foremost for innovation.”

“To ensure HUB24 maintains its marketplace advantage and position, we plan to roll out several new enhancements and initiatives over the remainder of 2013.”

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• Revenue for the half year of $4.55m, up 50%
• Net loss before tax for the half year of $6.476m, an improvement of 8% on the half year ended 31 December 2011
• Cash of $10.5m with no debt
• Funds under administration on the HUB24 platform at 31 December 2012 of $256m up from $120m as at 30 June 2012, an increase of 110%.

The HUB24 investment and superannuation platform continues to grow strongly with current funds under administration at the date of this announcement of $315m. Adoption of the platform by financial advisers is expected to increase with the March release of direct market access share trading functionality.

Further significant product releases are planned in the near future. 

As previously announced to the market in December 2012, the company agreed to divest the stockbroking business to Wilson HTM to focus wholly on the HUB24 platform. This agreement resulted in the transfer of a number of Investorfirst clients, advisers and analysts to Wilson HTM on 8 February 2013.

Wilson HTM and Investorfirst have also agreed to work together to deliver a white label version of the HUB24 platform and also a custom version of the HUB24 platform with the intention to transfer $1.4b of Funds Under Administration (FUA) to HUB24 over the next 12‐ 24 months, subject to completion of due diligence and agreement of final commercial terms. 

During the half year the company completed a capital raising of $8.3m providing additional capital to meet the expenditure requirements of the HUB24 platform and ensure regulatory capital compliance.

In commenting on the result, Mr Bruce Higgins, Chairman of Investorfirst, said “While the loss for the period is disappointing, we have repositioned the business to focus wholly on the HUB24 investment and superannuation platform and in the process have significantly reduced operating expenses. HUB24 is experiencing strong demand from financial advisory groups seeking an independently owned, advanced technology platform solution, particularly those interested in our market leading managed accounts functionality. We have a firm belief that HUB24 is well placed to significantly grow our market share as an independent alternative to the major bank owned platforms.”

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