LAB Group enters SMSF Administration Vertical, bringing automated digital onboarding to SuperGuardian

LAB Group enters SMSF Administration Vertical, bringing automated digital onboarding to SuperGuardian

LAB Group, a leading international RegTech and Australia’s best-connected onboarding provider, have welcomed SuperGuardian to the LAB Network.

One of Australia’s largest Self-Managed Super Fund (SMSF) Administrators, SuperGuardian ensures Australian Trustees and Financial Advisers have ready access to the facts, tools and support they need to make informed decisions and to maximise wealth creation. An independently owned, private Chartered Accounting firm and registered tax agent established in 2002, SuperGuardian provides SMSF Trustees and their Financial Adviser with up-to-date reporting, compliance and tax services.

Until now, establishing an SMSF has meant dealing with a number of different service providers and government departments, which can be complex and time consuming. This collaboration will make establishing an SMSF much simpler for advisers and more secure for their clients, who may be looking to join the growing number of Australians taking control of their superannuation in an SMSF.

This deal marks LAB Group’s entry into the new vertical of SMSF Administrators and represents its first step towards grasping broader opportunities in this attractive market. LAB Group has identified potential to leverage its existing capabilities in this space, as SMSF Administration firms have similar regulatory obligations to those which LAB Group already solves for its existing clients regarding Know Your Customer (KYC), Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF).

In welcoming SuperGuardian to the LAB Platform, LAB Group is providing its Onboarding Framework which delivers a streamlined digital engagement journey for clients wishing to establish a new SMSF or transfer the administration of an existing SMSF to SuperGuardian. With access to LAB’s Application Manager, advisers and intermediaries have also gained the ability to originate applications into SuperGuardian on behalf of their clients. Longer term, SuperGuardian and LAB Group plan to engage more closely to collaborate on further automation to onboarding processes through new integrations and features.

Beyond the LAB Platform, SuperGuardian is also utilising LAB Verify to automate a variety of identity and entity verification requirements, and is leveraging LAB extensive connectivity to facilitate the opening of new Macquarie Cash Management Accounts.

This partnership bolsters the value of the LAB Network to LAB Group’s existing customers, providing the potential for connectivity from upstream participants into SMSF Administration services. It also expands the number of intermediaries, advisers and end clients utilising LAB Group technology to sign up to financial services products, further enhancing the reach of the LAB Network.

Following a rapid deployment of 2 weeks, the solution is now live and already adding significant value across the partnership.

Nick Boudrie (pictured), Co-Founder and CEO of LAB Group, said, “We’re delighted to be servicing SuperGuardian and its adviser and client network. SuperGuardian is a long-standing, well-connected key player in Australia’s SMSF Administration industry, and one that recognises the unique benefits of LAB Group’s offering, particularly our extensive experience and network capabilities. We look forward to helping to accelerate and improve SuperGuardian’s customer journey and experience.”

SuperGuardian Chief Operating Officer, Josh Williams, added, “We are pleased to partner with LAB Group, to provide our clients with a straightforward and easy-to-navigate sign-up process. The new process streamlines and automates a number of manual steps, including digital identity verification for both direct and adviser-led prospects. It has also enabled integration with Macquarie Bank for account establishment and we look forward to further expanding connectivity with other financial services businesses across the LAB Network, for the benefit of our clients.”