The price of BGL Simple Fund 360 is going to increase from 1 October 2017.
BGL Managing Director Ron Lesh has been outlining the changes at the inaugural BGL RegTech conferences, with Simple Fund 360 clients already notified by email.
“We haven’t changed the prices in three and a half years, so we’ve sort of got to a point where we need to increase the prices to cover the additional costs,” said Mr Lesh, at the Brisbane leg of the BGL RegTech conference.
The base professional price of $80 per fund will increase by $10 to $90, and the bank data and share packs will both increase by $5 each to $40 – all exclusive of GST.
Mr Lesh said the bank data feed pack was increasing because the banks have been increasing the changes to BGL by CPI each year, and until now BGL has been covering that increased cost. The cost from the share registries has also been increasing, according to Mr Lesh.
As part of these changes audit workpapers will be included in Simple Fund 360 as “free to everybody”.
With the base Simple Fund 360 and both data packs this takes the maximum price up to $170, from $150. Mr Lesh said that, on average, clients are paying between $115 and $120 per fund, due to mixing and matching of the packs, and he expects this to increase to around $130, on average.
Lesh told the Brisbane BGL Regtech conference that there were now 2,900 firms using Simple Fund 360, representing around 160,000 SMSFs.
He said it was “very interesting” that 64% of these fund came from Simple Fund Desktop and 36% have come from new clients.