Multiport reaches $2 billion in funds under administration
Self Managed Super Fund administration services provider Multiport has achieved a significant milestone, reaching $2 billion in funds under administration.
Multiport CEO John McIlroy said the majority of the recent growth has come from SMSF’s referred to Multiport’s administration and compliance services by financial advisers, accountants and from direct clients.
“While the SMSF segment has been growing at a healthy rate we have been able to grow ahead of the curve due to the great support we receive particularly from financial advisers and increasingly from accounting practices”.
Last year, Multiport extended its SMSF services range to better engage with financial advisers who had existing accounting relationships and to provide services directly to accounting practices. “Effectively the accountant can now choose which part of the SMSF work they wish to do and they can continue with the SMSF client relationship. This has meant that we can now work in a tripartite arrangement with advisers and accountants and the great benefit is that clients will get a better service outcome” McIlroy stated.
Multiport provides daily SMSF administration services to clients and this includes daily compliance monitoring for contribution caps, non compliant investments, pension caps and other SIS related issues. For the last 18 months Multiport has also provided annual SMSF services, primarily through accounting practices.
Mr McIlroy said as the SMSF market grew, Multiport’s service offering was adapting to the increasing demands from accounting businesses.
“Some practices have decided they don’t have enough SMSF’s to provide in-house assistance and have outsourced to us, while others have felt that the level of service that SMSF trustees are demanding is beyond what accounting practices have typically provided.
Either way we have been able to provide an appropriate solution that suits all parties,” Mr McIlroy said.
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