Simple Fund 360 now automatically reconciles holdings with Link Market

Simple Fund 360 is the first SMSF administration software to automatically reconcile share holdings with the share registry Link Market, BGL has announced.

“Automating the reconciling of holding balances with share registries, the single source of truth, provides our clients with significant efficiencies and benefits. And the fact we have been able to automate this process without the need for a complicated signup or registration system, is a fantastic achievement by our Team,” said BGL’s Managing Director Ron Lesh.

Simple Fund 360 will use the data from the Link Market share registry to reconcile SMSF holdings on a quarterly basis, or any other time, with the matching process occurring automatically overnight.

“This fantastic new service will remove the need for an SMSF administrator or auditor to get paper holding statements or to individually confirm each holding balance on the Link website” said Mr Lesh.

“BGL and Link have worked together to provide this service using the SMSF Holder Identification Numbers to provide the point of connection. This makes the connection simple for our clients to set up and requires no ongoing maintenance.”

Lesh noted that in the past SMSF professionals had confirmed SMSF holding balances using Holding Statements or logging into Share Registry websites.

“These days are gone for Simple Fund 360 clients,” he said.

“This is the next step towards zero touch processing in Simple Fund 360. Simple Fund 360 is already the most automated SMSF administration solution available today with over 180 data feeds from banks, brokers, wraps and platforms. Confirmation of holding balances and other data with the share registries is the next step.”

Support for other share registries will be added in the coming months. The BGL website says that “Computershare will be available in the near future and is a high priority for the Simple Fund 360 team”.

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