John Maroney

The SMSF sector will benefit from technology advances, but it will be evolutionary, not revolutionary, SMSF Association CEO John Maroney told the ‘Thought Leadership Breakfast’ that kick started the Association’s 2022 National Conference at the Adelaide Convention Centre yesterday.

“We have seen the advances that technology have delivered to the SMSF, accounting and financial planning sectors, and it will continue, but in doing so we must remember that any change must benefit the SMSF trustee.

“Other industries have managed to use technological change for the benefit of the end consumer, and I can see no reason why this cannot happen in our sector.

“The building blocks for a strong integration between technological change – I include Artificial Intelligence (AI) in this – the advice community and trustees are in place, and now we must focus of maximising the benefits for both the industry and trustees.

“This is particularly the case where it applies to legislation and regulation, where change is influenced by government policy priorities, and we have to accept that sometimes our sector will not be the first priority.”

The ‘Thought Leadership Breakfast’, sponsored by Act2 Solutions, saw Maroney as part of a five-member panel examine in depth the broad trends in technology, such as remote client servicing, cloud collaboration, and big data analytics, in a discussion that generated keen audience participation.

The Managing Director of BGL Corporate Solutions, Ron Lesh, says the benefits of technological change are self-evident with the efficiencies they have delivered saving practitioners hundreds of hours a year chasing things such as e-signatures and tax statements.

“In the future, I believe open banking will help improve efficiencies in the sector, and it’s encouraging to see the banking system now being more cooperative in allowing this to happen to the benefit of the SMSF sector.”

Head of Research at Investment Trends, Dr Irene Guiamatsia, cautioned that SMSF trustees must be front and centre of any technological change. “The pandemic created a unique opportunity for all to experience first-hand the best-of-breed benefits of technology, and to become more adaptable and supportive of change. SMSF trustees are no different. It is therefore incumbent on the industry and SMSF providers to continue to ensure future technological evolution responds to these heightened expectations.”

The Director of Smithink, David Smith, who moderated the panel, noted that the Quality Advice Review, headed by Michelle Levy, had the opportunity to examine how digital advice could benefit some consumers.

“In addition, could AI be used to determine whether an SMSF has broken any of the major SIS rules. We are seeing auditors starting to use AI to improve efficiencies, so it will be interesting to see how audit processes develop.”

Co-Founder and CEO of OpenInvest, Andrew Varlamos, stressed that technological change provided a genuine opportunity for the industry to improve the investment performance of the 70% of SMSFs where trustees make their own investment decisions.

“There is a plethora of investment information available to trustees from myriad sources, but much of it is of questionable value. And it’s extremely difficult to sift through all this and make sound investment decisions. What technology like OpenInvest enables is for trustees to find a trusted and expert portfolio manager who will manage their portfolio for them, and keep them informed, all through the technology.”

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Ms Allen is a highly experienced executive and non-executive director who spent 16 years in various senior executive roles at the RACV and oversaw the launch of new businesses and products in insurance and home services.

She has extensive governance experience as a director of companies in financial services, consumer services, logistics and distribution, as well as a wide range of skills accumulated at large organisations across those industries, infrastructure, and the public sector.

“It’s an exciting time to be joining the board of OpenInvest,” Ms Allen says.

“In the post-Financial Services Royal Commission world, the way Australian investors access professional assistance is set to change dramatically. As OpenInvest has been designed with investors’ needs in mind, I believe it’s poised to play a significant part in this change.”

Data suggests that 85% of Australians do not receive financial advice, while a recent SMSF Association report shows that more than 250,000 SMSF trustees have unmet advice needs. A significant proportion of these SMSF trustees say in surveys they want professional help with their investment portfolios.

“I believe my experience in financial services, in particular, as well as a strong focus on the use of new technologies to solve consumer problems, equips me to provide valuable input to the OpenInvest board,” Ms Allen adds.

OpenInvest, which was launched last November with SMSF trustees the primary target, offers investors a menu of highly-credible and experienced investment managers from which to choose.

Other non-executive directors are former Schroders Australia CEO Greg Cooper, former director of Countplus and principal of the accounting industry consultancy Smithink, David Smith, and the founding Managing Director of CommSec, Paul Rickard.

Co-founder and CEO of OpenInvest, Andrew Varlamos, says: “We’re delighted to have Susan join the board. Her varied experiences, especially at the RACV where she was involved in the launching of new products and services, as well as her various director roles, is exactly the skill set we need as we grow the business.”

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LGS is one of Australia’s most responsible super funds and it is currently in the process of a comprehensive organisational redesign to position the fund for strong growth based on long-term sustainable investment returns, high quality service, competitive costs and strong governance.

LGS’ CEO, David Smith said: “It’s an exciting time for LGS and I’m delighted to welcome Daniel and Brett to the executive team as we embark on the next phase of our development; implementing our long-term growth strategy while continuing to deliver the best possible outcomes for our members.”

In his role as Chief of People and Transformation, Mr. Musson will be responsible for the transformation and the change management strategies as LGS aims to build a stronger, more dynamic organisational culture.

“Daniel has an extensive background in financial services having worked with Westpac, Bank of Queensland and BT Financial Services. He also gained great leadership experience as the CEO of the Australian Institute of Management.” Mr Smith said.

As Chief Experience Officer, Mr. Dolling will be responsible for enhancing the member experience; leading the different teams across the organisation that directly serve LGS members including financial planning, client relationships and the in-house member contact centre.

Speaking of Mr. Dolling’s appointment, David Smith said: “For the past seven years, Brett has been the General Manager of Client Engagement with MTAA Super. Brett comes to LGS with fantastic industry super experience and a track record of building up an industry fund through challenging but opportunistic times.”

Mr. Musson started in the newly created role on 19 November 2018 and Mr. Dolling will commence his role on 17 December 2018.

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LGS Chair, Bruce Miller, said “We are proud of the team at LGS for this significant achievement. To be the only super fund that has won the Infinity Award six times since SuperRatings introduced the award in 2008 is a testament to our ongoing commitment and continued success”.

LGS Chief Executive Officer, David Smith, said: “We are delighted to be recipients of the Infinity Award once again. This Award reflects our commitment to achieving long-term sustainable returns for our members while also actively managing the environmental, social and governance risks across our investment portfolio.

“As one of the country’s leading sustainable super funds, we invest in long-term growth sectors that will have a positive impact on the wider community, such as renewable energy generation, clean technology, recycling and sustainable agriculture.

“Looking at 2016-2017 financial year, we reached A$954 million in low-carbon investments, up from A$790 million in just six months. This is just one example of how we’re continually looking to enhance our responsible and sustainable investment approach to managing our portfolio.”

“We are highly active in member engagement and education about responsible investment.  LGS has a fiduciary responsibility to operate in a sustainable manner that is in the best interest of our members,” Mr Smith said.

The Infinity Award recognises the super fund that best demonstrates its commitment to environmental and ethical responsibilities. Criteria for the award includes sustainability, risk management policies, initiatives and performance, through to member engagement, and operations, engagement with service providers, asset allocation and a general fund overview.

This latest award follows LGS’ number one ranking globally and in Australia for the management of climate change in the Asset Owner’s Disclosure Project (AODP) earlier this year.

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David joins LGS from AXIS Specialty Australia, where he served as CEO from 2011 to early 2016. Prior to this, he was CEO of Zurich Financial Services, and has over 17 years experience as a CEO and COO within the financial services sector.

LGS Board Chair, Ms O’Regan said the appointment followed a rigorous search process.

“We are delighted to announce the appointment of David Smith as CEO at LGS. The Board have chosen David for his track record in financial services, fit with the Fund’s values and ability to deliver on the strategy. I am confident he shares our passion for the best possible retirement outcomes for members, and that this will remain at the heart of all decisions. David’s C-suite experience brings additional capability to LGS and its members as we enter the next stage of growth,” said Ms O’Regan.

David said “As a global leader in responsible and sustainable investment, LGS has established a strong reputation for providing some 90,000 members with outstanding value via a combination of local, tailored service together with comprehensive investment options and competitive fees.

“I am committed to leading LGS to further develop and evolve this investment approach, which in turn, will play a key part in the ongoing success of the Fund. I look forward to working with the LGS leadership team and the Board,” he said.

In conclusion, Ms O’Regan said, “David’s appointment furthers the Fund’s commitment to member outcomes and service, responsible and sustainable investment approach, and to using sustainability considerations in investment decisions.”

David is a Fellow at the Australian Institute of Management, holds a MBA from the Massachusetts Institute of Technology and is a Graduate Member of the Australian Institute of Company Directors (GAICD). He has extensive Board experience, currently serving as the Executive Director of Equip Corporate Advisory and Chairman of the Children’s Cancer Institute.

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David Smith

AdviserLogic has announced that Mr David Smith has been appointed as a consultant to the AdviserLogic Group. Mr Smith will be appointed to the Board as a Non-Executive Chairman in due course.

Mr Smith is a well-respected industry figure in accounting, software development and financial services circles; having created a successful software business including a leading SMSF administration platform that was sold to Solution 6 (now part of MYOB) in 1999.David also spent a number of years on the Board of CountPlus and was briefly CEO of Class Limited prior to its recent IPO.

He is currently also assisting a range of companies as consultant, Non-Executive Director or Non-Executive Chairman. Mr Smith was formerly Managing Partner of PKF (now BDO), Sydney and is a past President of the Institute of Chartered Accountants in Australia (now Chartered Accountants Australia+New Zealand). He was also an investor in and Non-Executive Chairman of a Life Risk Licensee that has since been absorbed into Macquarie Group.

“We’re honoured that a person of David’s calibre has agreed to take on this very important role as we systematically move to the next level of corporate development; building on our more than eight years of success to date.

“His expertise as a ‘steady and experienced hand’ will be critical to the AdviserLogic Group as we take advantage of the restructuring, disruption and aggregation that Financial Services and Accounting are experiencing at present and over the horizon,” said Daniel Gara, Head of Product Development, AdviserLogic.

Mr Gara believes that emerging specialist firms such as his require deep market experience from the likes of Mr Smith, as much as it needs the best software programmers.

“Much discussion in our industry has been around the effects of FOFA, the demise and (we believe) resurgence of boutique players and rise of the bank models. No one foresaw that FOFA would encourage more non-aligned players, no less than that some banks would be selling off insurance businesses and streamlining their services back to branch level.

“You need deep market knowledge and experience to navigate these types of changes,” said Mr Gara who is also a director of AdviserLogic.

Mr Smith will focus on Strategy and Governance for AdviserLogic as well as assisting with reviewing M&A prospects in the marketplace.

“A casualty of the post-FOFA market will be small or even mid-sized players that just offer similar services that are available down the road or over the internet. We see opportunities energing from consolidation and, conversely, further disruption amongst product and service suppliers,” said Mr Smith.

Mr Gara expects to be announcing more senior appointments to the firm shortly.

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“David has had a long and distinguished career working with the accounting industry, including a partner role at PKF (now BDO). He is also past President of The Institute of Chartered Accountants in Australia (now Chartered Accountants Australia+New Zealand)”

“As our limited licensing solution for accountants, FPT WealthBox, gains further traction, we believe David’s extensive experience and leadership will assist greatly with our growth and continuing market penetration. FPT WealthBox is a credible answer for accountants who do not wish to become licensed planners but want to retain they key client relationships while their clients receive excellent wealth advice, said Tony Bates, Director, FPT Wealth.

David Smith is founding director of Smithink, which focuses on business management, strategy and process innovation.

FPT Wealth also appoints James Malcolm, Director Practice Development

FPT Wealth is also pleased to announce the appointment of James Malcolm as Director of Practice Development.

James has a great deal of commercial experience and has worked with many of the organisations that make up Australia’s Top 100 accounting firms.  His roles will include Client Partner acquisition, implementing the FPT WealthBox solution and assisting our Client Partners to maximise the benefits, cashflow and equity value of their wealth advice services.

James has spent the last 26 years advising accounting firms on how to increase practice productivity and profitability through the effective use of software platforms and improved service delivery models. His qualifications include MCom Accounting & Finance (Macq), B Ag Sc (UWS), Grad Dip Accounting (UTS) and ASA.

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