The Self Managed Superannuation Fund Association (SMSFA) begins its state technical conference road show on Tuesday, opening in Sydney, and then traveling through Brisbane, Melbourne, Adelaide and Perth.
To coincide with the technical conferences, Professional Planner and technology provider Bravura will progressively release a seminal white paper on the SMSF sector.
The white paper, authored by Darren Stevens, Bravura’s director of product management and strategy, identifies and explains five key trends having the greatest impact on the sector. The paper explores their implications for SMSFs and for the providers of services to SMSFs.
“Based on our long history providing technology to the traditional superannuation and SMSF market we were asked to present at the SMSF association’s technical conferences on the impact of technology on the SMSF market,” Stevens says.
“Our analysis highlights significant risks and opportunities for the SMSF industry as a result of the interaction between changes in technology and demographics.”
Stevens says the purpose of the white paper is to “provide a basis for SMSF market participants to make informed decision regarding the technology issues that will impact their businesses”.
“Our observation is that many businesses are struggling to keep up with technologies such as roboadvice and other fintech solutions and how they can change their business models to capitalise on the changing demographic of their customer base,” he says.
The five mega-trends identified by Stevens are:
1. Generational change;
2. Hyper-personalisation and customer-centricity;
3. Technology – social media, mobility, analytics, cloud computing and Internet of Things (SMACI);
4. The fintech revolution; and
5. Cyber security and privacy.
The six-part series will be released in daily instalments during the state technical conferences, commencing on Tuesday with Part 1 – generational change, and concluding with Part 6, providing an analysis of the impact of the major trends.
The white paper is also being released to attendees at the SMSFA state technical conferences. Professional Planner is media partner to SMSFA, and has produced the Daily News publication provided to attendees at the conferences.
