Australia-based regtech and onboarding provider LAB Group has entered the SMSF administration vertical by partnering with SuperGuardian for automated digital onboarding. The newest LAB Network member, SuperGuardian, is an Australian Self-Managed Super Fund (SMSF) administrator, helping ensure Australian trustees and financial advisers have ready access to the facts, tools, and support required to make informed decisions and to maximise wealth creation.

As an independently owned, private chartered accounting firm and registered tax agent, the company provides SMSF trustees and their financial advisers with up-to-date reporting, compliance, and tax services. SMSF administration and the LAB Group – SuperGuardian partnership details Up to this point, setting up an SMSF meant dealing with several different service providers and government departments, which can be complex and time-consuming. The collaboration seeks to simplify establishing an SMSF for advisers and make this more secure for their clients, who might be looking to join the increased number of Australians taking control of their superannuation in an SMSF.

The deal marks LAB Group’s entry into the vertical of SMSF administrators and comes as a step forward in grasping broader opportunities in this market. The company has identified the potential to leverage its existing capabilities in the space, as SMSF administration firms have similar regulatory obligations to those solved by LAB Group for its clients regarding Know Your Customer (KYC), anti-money laundering (AML), and counter-terrorism financing (CTF). Following the addition of SuperGuardian to the LAB Platform, LAB Group is providing its Onboarding Framework, which delivers a simplified digital engagement journey for clients looking to set up a new SMSF or transfer the administration of an existing one to SuperGuardian.

With access to LAB’s Application Manager, advisers and intermediaries are granted the ability to originate applications into SuperGuardian on behalf of their clients. In the long term, SuperGuardian and LAB Group aim to engage more closely to cooperate on further automation to onboarding processes through new integrations and features. Apart from the LAB Platform, SuperGuardian is leveraging LAB Verify to automate various identity and entity verification requirements and is making use of LAB’s extensive connectivity to facilitate the opening of new Macquarie Cash Management Accounts.

What is more, the partnership is believed to help bolster LAB Network’s value to LAB Group’s existing customers, offering the potential for connectivity from upstream participants into SMSF administration services. Additionally, it expands the number of intermediaries, advisers, and end clients leveraging LAB Group tech to sign up for financial services products, further solidifying LAB Network’s reach. The press release further highlights that following a quick deployment of two weeks, the solution is now live and adding value across the collaboration.

When commenting on the announcement, LAB Group officials expressed contempt for servicing SuperGuardian and its adviser and client network and look forward to helping expedite and improve the customer journey and experience alike. More to this point, SuperGuardian representatives added that the partnership with LAB Group enables them to provide clients with a straightforward and easy-to-navigate sign-up experience, with the new process simplifying and automating several manual steps, including digital identity verification for both direct and adviser-led prospects. The spokesperson also said that the collaboration enabled integration with Macquarie Bank for account establishment and SuperGuardian seeks to further expand connectivity with other financial services businesses across the LAB Network to benefit its clients.

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