One of the reasons why many advisers have traditionally favoured WRAP accounts for their SMSF clients is for the back-office administration efficiency that this achieves in their business.
When it comes to ease of transacting and online reporting, a WRAP account provides the adviser with an easy solution. However, as many advisers grow the SMSF part of their business, they realise that the typical SMSF client often has a different mindset and differing objectives to a typical non-SMSF clients. Below I’ll explain how to run a SMSF without a wrap account. (more…)