Class, the developer of Class Super, the leading cloud SMSF administration software, has announced a new integration with SMSF Life Insurance Reviews, a leading provider of life insurance compliance services for SMSF accountants and their clients.
The Government’s Investment Strategy Operating Standard requires all SMSF trustees to give consideration to the appropriateness of life insurance for members in their fund, and to regularly review that decision.
Using member and investment data from Class, accountants will now be able to pre-fill the annual SMSF life insurance review questionnaire, eliminating manual data entry and reducing the risk of errors.
Brett Wright, Director & Responsible Manager at SMSF Life Insurance Reviews, explains: “Our integration with Class enables accountants and their SMSF clients to document the consideration of life insurance for all fund members, in a couple of clicks online.
“The compliance tool is independent and there is no sales spin or product selling, just pure and simple compliance. All accountants can use this tool with their clients, regardless of whether they choose to have no licence, a limited or even a full licence for providing SMSF advice and services as of 1 July 2016.”
The integration with Class further streamlines the insurance consideration process for trustees, delivers significant risk management efficiencies for accountants and is a true once per year audit check that backs up the insurance meeting minutes within the investment strategy each year.
Kevin Bungard, CEO of Class, says: “The regulations around life insurance for SMSF members can be challenging for accountants. SMSF Life Insurance Reviews reduces the complexity down to a two click online process for Class users and their SMSF clients. We’re pleased to welcome SMSF Life Insurance Reviews to the Class partner ecosystem.”
Leave a Comment
You must be logged in to post a comment.