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Welcome Message |
Welcome again to the Financial Synergy corporate newsletter, Synopsis. 2010 has been an eventful year for Financial Synergy and the superannuation industry as a whole. We watched the May Budget unfold and were pleased at the announcement to implement some of the recommendations of the recent Henry Superannuation Review including the increase of the superannuation guarantee to 12 per cent.
Super does play an important role in the ongoing strengthening of the Australian economy, and Financial Synergy is ready to stand behind these changes and enable our administration and software clients to provide seamless services to their members and employers. Our compliance team is working hard to service these departments and pass on these benefits.
As you will read, it has been a busy time for the Acurity team, launching the new Acurity Access+ product at the recent User Group Meeting. We have spent significant time investing in the development of this product utilising available Web 2.0 technologies for excellent usability, increasing efficiency and security in day-to-day administrative functions.
Looking forward to what the second half of 2010 brings.
Till next time,
David Orford
Chairman
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| News & Highlights |
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On The Subject Of Synergy
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With the myriad of changes currently underway in the superannuation industry, the need to constantly evolve and adapt to these challenges is ever present. It is evident that technology is, and will continue to be, at the forefront of any financial services administrator’s ability to respond to the changes in the market place. The ability to respond to change and innovate is often a constraint on any back office solution provider.
Financial Synergy is uniquely positioned to respond to these challenges through the close connection of its subsidiaries, Aquipt (administration) and Acurity™ (administration software). As a result, the barrier between administrator and software vendor is removed and Financial Synergy has been able to tailor technological solutions across a variety of products including SMSFs.
Click here to read more >>>
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Acurity User Group Wrap Up
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On Wednesday 5 May Financial Synergy hosted the 2010 Acurity™ User Group Conference at The Westin, Melbourne, with over 60 client representatives in attendance. Themed ‘energise, engage, empower’ , the annual event was bursting with forward thinking sessions dedicated to connecting key superannuation industry issues with innovative solutions and technology to maximise efficiency, improve productivity and enhance the end-user experience.
Guest presentations were delivered by Steve Thomas, General Manager, Fund Operations and Technology at Quadrant Superannuation Fund and Glen Rabie, Chief Executive Officer of Yellowfin, demonstrating Financial Synergy’s ongoing partnership collaboration to provide industry leading initiatives.
Click here to find out about the User Group >>>
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May Budget Super Review Welcomed
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The recent Federal Budget announcement to implement the recommendations of the Henry Superannuation Review was welcomed by the five leading bodies for Australia’s super industry who acknowledged the important role that super plays in strengthening the Australian economy.
The Budget announcements that implement the Henry Review superannuation recommendations that were initially accepted by the Government include...
Click here to read more >>>
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| Product and Service Updates |
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Introducing Acurity Access+
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Recently launched at the Acurity™ Client User Group, Acurity Access+ is the latest addition to the Financial Synergy suite of products.
Access+ is a brand new online solution for superannuation administrators using the Acurity administration software. It provides online users with real-time access to data, delivered over a secure internet connection plus it utilises Web 2.0 technologies for excellent usability by super administrators, members, employers and advisers.
Click here to read more >>>
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Smart Software
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Financial Synergy is committed to helping clients stay ahead of the inevitable changes in the financial services sector. Ongoing dedication to research and development, combined with a proven commitment to client driven evolution, make the Acurity™ administration platform an ideal solution for today’s complex and competitive environment.
Along with the customary legislative enhancements developed to maintain compliance, current improvements delivered in Acurity Version 7.7 include...
Click here to read more >>>
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SMSFs: Are reporting obligations a pain point for you too?
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For many people, a self-managed superannuation fund (SMSF) is the most comfortable and natural way to maintain a level of direct control over their retirement savings – hence their continuing popularity.
The latest statistics released by the ATO for the March 2010 quarter indicate that 422,687 SMSFs were in operation and that this was increasing at over 2,000 funds per month. Combined with the average SMSF value of approximately $900,000, this represents an inflow into the sector each month of $1.8 billion. Whilst this is good news for the superannuation administration industry, it does not solve the ongoing issue that each SMSF is still faced with – the task of preparing individual regulatory reports each year. What if there was a solution to this issue by removing the individual annual reporting obligations whilst still allowing the member to retain control in an SMSF style product?
Through the close relationship between Aquipt and Acurity, Financial Synergy is assisting in the development of such a unique solution… and it may not be too far away!
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| Final Word |
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Introducing Michael
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Full name: Michael Gallagher
Position: Branch Manager - Queensland
How long have you been with Financial Synergy? 5 years
Brief outline of role: I have recently taken on the role of Branch Manager – Queensland, which makes me responsible for all operations out of the Brisbane office. A big part of my role is to build and maintain relationships with existing and potential Acurity clients in Queensland, Northern Territory and overseas.
Career highlights: It is difficult to isolate anything in particular but in general it would have to be the experience I have gained in the 20 years I have worked in the Superannuation Industry. I have been involved in many senior roles within the operational environment of a large superannuation fund, held senior roles within one of the industry's regulators and now with Financial Synergy - a vendor and solution provider.
I can’t get by without: My iPhone
Interests/hobbies outside work: I'm a keen follower of most sports and this time of year some of my time is dedicated to coaching my son's Under 8 soccer/football team.
Favourite meal/restaurant: I'm a bit partial to a steak and a beer at the Breakfast Creek Hotel - the beer of course is XXXX from the wooden keg.
Favourite movie: There are a few but I did particularly enjoy the remake of the Italian Job.
Dream travel destinations: Cruise around the Caribbean, and if timed well, stop in to watch Australia play the West Indies in a one day cricket match.
One word to describe yourself: Loyal
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The Cumulative Cost Equation
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In the last issue of Synopsis
, I wrote about my surprise on joining this industry to find the extraordinary value that software administration platforms, such as Acurity, deliver to Fund Administrators. Compared to industrial ERP, GIS or DCS platforms, administration software is low priced vis-à-vis the value of the enterprises it is helping to manage and control. All this, despite the need to maintain legislative compliance, in most cases, at nil or minimal additional expense. Yearly license fees for software in this Industry, it seems to me, are artificially low in comparison to other industries....
Click here to read more >>>
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