It is unlikely that technology will fully remove humans from administering SMSFs, according to the CEO of SMSF administrators SuperGuardian and Xpress Super.
“Automation will continue to create significant efficiencies into the future, but the notion that it can and will take our role is a misreading of what is happening in the market – despite much media commentary to the contrary,” said Olivia Long.
Long says humans are still needed as part of the process, despite data feeds.
“The fact is technology surrounding SMSF is still in its infancy. SMSF software relies on data feeds from investment providers, and data feeds drop out. Put bluntly, they’re unreliable. We’ve seen data feeds stop from the Big Four banks, and for service providers that offer daily online reporting it has an enormous impact.”