“Our clients had already made the decision, but every new fund still sat waiting on the statement of advice. Now we prepare it the same day, review it, and get the fund moving.”
A decision, then a wait
When a client decides to set up a self-managed super fund, the hard part is usually behind them. What they want next is momentum.
For years, we couldn't give them much of it. Every new fund needs a Statement of Advice (SoA), the written personal advice document a member must receive before they take an interest in the fund. We sent each one out to an external provider. That provider took between 10 and 20 working days (2 to 4 weeks), and charged $650 plus GST per document.
None of that was unreasonable for what it was. The work came back sound. But the wait sat in the middle of a process that was otherwise moving quickly. The client made a call, we gathered the details, and then everything stopped for up to a month.
Why a few weeks is longer than it sounds
Fund establishment rarely happens in a quiet week. It lands against a hard date.
One fund we set up in June ran straight into the real deadline. Employer contributions were still going to the old fund, and the balances needed to move before 30 June. On another, a member needed a Director ID before she could consent to act as a director of the corporate trustee, a small step that can add days on its own.
Stack a 2 to 4 week drafting wait on top of that, and the timing gets tight. Nobody made a mistake, but the calendar doesn't negotiate.
What the process looks like now
We prepare the SoA in-house, with Coco.
- Give Coco the member's circumstances, objectives, and the recommended structure
- Point it at the fund, trustee, and member details already sitting in the file
- Receive a full draft in our own format, covering the basis for the advice, the alternatives considered, the fees, the risks, and the trustee obligations that come with running a fund
- Review it, adjust what needs adjusting, and sign
Elapsed time: about an hour. Cost: nothing.
What hasn't changed
The advice is still ours. (Incra Wealth Pty Ltd is an authorised representative of GPS Wealth Ltd, AFSL 254544.) An adviser still forms the recommendation, still applies the best interests duty, and still signs the document.
We handed over the typing. The advice stayed where it was.
The numbers
| Before | With Coco | |
|---|---|---|
| Turnaround | 10 to 20 working days | About 1 hour |
| Cost per SoA | $650 + GST | Nil |
| Prepared by | External provider | In-house, by us |
What clients notice
Clients rarely ask how we draft a document. They ask when the fund will be ready to receive their super.
That answer is now measured in days rather than weeks, and the establishment cost is lower for it. The fee saving is welcome. The speed is what they feel.
“Our advisers get those hours back, and they spend them on the conversations that are actually meaningful to clients.”
