Accountants have been told that online engagement with SMSF clients is essential if they don’t want to lose customers to large financial institutions.
“We think that’s essential, we think that’s really important, we think that you should be using technology to engage more with your client base,” Class CEO Kevin Bungard told the second annual Class. CUP. Connect conference.
“We know that the large institutions are going to do that,” he said, attracting clients away from smaller firms.
That is why Class has been focussing on adding features including a mobile-friendly client, document manager and secure client-accountant communication system.
However Class is hearing from accountants that online access offerings aren’t important to clients.
A pre-conference survey found that only 50% of respondents have given clients web access to the SMSF software, though Class usage data indicates this is likely an overstatement.
Mr Bungard said there is a discrepancy between what accountants think clients want and what clients say they want. Research indicated that ‘online documents’ and ‘client access’ were ranked 4th and 6th in terms of priorities by investors and financial advisors when choosing an investment service. However ‘client access’ only rates as 19th on the list of priorities for accountants when looking for admin software.
This discrepancy is concerning given that the pre-conference survey also found 90% of respondents said SMSF and non-super wealth accounting is a strategic growth area for their practice.
SolePurposeTest.com attended the conference at the invitation of Class Ltd.