Reducing processing time
Class Super’s ability to deliver daily direct-connect data feeds from banks and brokers has significantly reduced administration time for Tester Porter Services. Scott estimates that the firm has reduced its processing time by up to 50% since it moved to Class Super.
“Previously, we were processing funds on an annual basis, but Class Super has enabled us to provide more timely information to our clients and to send them interim reports,” says Scott. “Our clients also welcome getting access to an up to date view of their investment data through Class’ client view, and overall are more appreciative of our service.”
Authorised access to clients’ up-to-date fund information has also helped the firm’s financial advisers offer informed and timely advice.
Growing its number of funds
The time-saving benefits of Class Super have helped Tester Porter Services focus on growing its number of funds, from 75 before moving to Class to more than 110, without increasing its headcount.
Thanks to Class Super’s ease of use, the firm has also been able to get non-specialist staff members to help administer SMSFs. This has allowed it to pass on cost savings to clients.
Achieving ease in documentation
Tester Porter Services has also started enjoying the ease of storing and organising documents through Class’ document management solution. The solution provides a single source for all SMSF documentation and lets administrators tag and link documents within Class Super so they can easily search for and retrieve them later.
For now, the firm only prepares basic documentation through Class Super but expects to do more, including attaching documents to SMSF transactions. “It’s going to be a great feature for us because as administrators, we can prepare and consolidate the necessary documents on Class Super,” says Scott. “We won’t have to send them to an auditor. Instead, we can just grant the auditor read-only access to Class so they can view the information directly.
Getting compliance support
As SMSFs become more tightly regulated, Tester Porter Services looks to Class to help it comply with new regulations and remain nimble. Class regularly adds new features and functionality, enabling the firm to manage new requirements and generate necessary reports for clients.
“The good thing about Class is we don’t just get a product. We also get great service and support,” says Scott. “The Class team has been very accommodating of what we want to do.”