Like this innovation? Show your support by tweeting it, ‘liking’ it on Facebook, or leaving a comment below.
1. THE BEGINNING
This innovation came to life when…
When we set up our business, we studied the methods of our competitors who mostly still employ administration staff to accept an application to open a self-managed super fund (SMSF). They then forward a series of documents, which is best done in person, which entails more time and higher cost resulting in a higher price for SMSF setups. There are also those online services that post a series of complex documents to clients setting up an SMSF that often leaves them confused, not wanting to proceed further.
2. WHAT & HOW
The purpose of this innovation is to…
Our service comprises the use of technology to simplify the process for opening an SMSF. When our clients complete an online application, we prepopulate all answers into these forms, thereby saving hours of time and cost.
It does this by…
We collate the different SMSF forms, ATO forms, super rollover forms, bank account forms, payment forms into one PDF document which we email to our client for their records. We then post only five signature pages rather than 21 pages of documents. This saves us a lot of time and money and our clients recommend our services to others.
3. PURPOSE & BENEFITS
This innovation improves on what came before because…
This service saves people time and money and reduces the complexity and paperwork involved with setting up an SMSF. By providing a simple system and information, we are able to engage a wider audience without scaring them off with the typical SMSF setup paperwork.
The benefits to the customer/end-user include…
For customers it means less forms to fill out, less confusing documents and just five signature pages and electronic storage of their core documents for tax and audit time.
4. COMPETITIVE LANDSCAPE
In the past, this problem was solved by…
In the past, the documents to set up an SMSF were addressed face-to-face and involved more time and effort.
Its predecessors/competitors include…
Shelf companies or lawyers providing customised deed documents at higher cost.
5. TARGET MARKET
This innovation is made for…
Self-managed super fund trustees.
6. DISTRIBUTION STRATEGY
It is available for sale through…
It is not for sale as it is unique to our business.
Our marketing strategy is to…
We market it online and use this process management technology to attract clients to our SMSF setup and accounting service.
Your Turn — VOTE!
If this SMART 100 innovation wowed you, why not get the word out?
- Tweet it: Top left of each page
- Trigger a Reaction: Facebook ‘Like’, etc.
- Leave a Comment: Anonymous comments excluded.
We’ll use your vote to create the 2013 SMART 100 Readers’ Choice Index. Learn more here!
FINE PRINT
This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.
