Where is technology for SMSFs headed?

While AI can help people decipher complex information, Forbes also points out that there are risks in relying on AI for financial advice, given how large language models are prone to hallucinating and sycophantic behaviour.

“It [AI] should never replace financial advice or professional expertise but, as an industry, we need to be aware that the trustees will be using these [AI tools] to help themselves understand what we are telling them, what the industry experts are saying.

“One of the many good things about AI is that it can be infinitely patient and incredibly effective at distilling complicated concepts into simple language,” says Forbes.

AI and tech in administration

SMSF administration platforms like SuperMate and Class have been integrating AI and machine learning into their platforms for some time. Forbes says these technological enhancements will improve the experience for SMSF trustees and reduce their cognitive load.

“It will be easier to understand what is required, why an administrator might be asking for something and then, on the administrator side, they will be empowered and move more efficiently, so the trustees will get more responsive administration,” he says.

Class chief executive officer Tim Steele says that on Class AI, powered financial reporting will translate complex and lengthy financial statements into a short, dynamic and client-friendly narrative, highlighting what has happened and why it matters.

“By introducing AI directly into the Class engine, capabilities such as intelligent matching provide clients with more automation when reconciling cash and business events, utilising AI to address repetitive tasks and giving them time back,” he says.

“Meanwhile, doc intelligence minimises the risk of documents being incorrectly classified or stored and ensures that all documents are handled securely, with strict data protection protocols, reducing the risk of data breaches,” he adds.

At SuperConcepts they have been using a machine learning model called Data Hero™ for document classification, data extraction and advanced transaction matching since 2022. SuperMate uses complex accounting and compliance logic to prefill tax returns and other necessary documentation, which reduces data entry time and improves efficiencies for the client.

AI and tech in investment

Separately managed accounts

The biggest technology-related trend in investments over the past three years has been the growth of separately managed accounts (SMAs), which offer investors premixed investment options while they maintain ownership of assets.

Co-founder of retirement consultancy Lumisara Harry Chemay says that SMAs have overtaken ‘robo advice’ as an automated advice solution for SMSFs.

“Robo advice hasn’t delivered for SMSFs, either for trustees or for advisers and administrators. And probably the reason for that is that since then, on the investment side, separately managed accounts have really come to the fore. SMAs are like a robo-type solution. Robo advice was a ‘set and forget’ premixed portfolio. You can now do that with an SMA,” he says.

2026 SMSF calendar

"*" indicates required fields

Facebook

This field is for validation purposes and should be left unchanged.

Our free calendar includes due dates for important documents plus suggested dates for trustee meetings and other strategic issues for your SMSF.

First name*

First

Email address*

SMSF trustees effectively have more control of an SMA in which they can pick their own mix of underlying funds through an SMA platform with or without an adviser. They can decide when or if to change the investment mix without leaving it up to the whims of a robo adviser.

Direct-to-consumer solutions

OpenInvest chief executive officer Andrew Varlamos agrees that there has been a fundamental shift when it comes to technology and investments, to such an extent that they changed their business model to offer a white-label service for fund managers that want to offer a direct-to-retail investment opportunity.

“This is what has been the big change over the last three years. Vanguard has gone live with its solution. Betashares has gone live with a direct-to-consumer solution,” he says.

There are still robo advice-type options like Stockspot or eToro’s Spaceship available to the SMSF investor who wants a premix option at low cost, but the big players’ direct-to-consumer managed account solutions are increasingly attractive and reasonably priced.

“More high-quality brands are going to seek to reach the SMSF directly, rather than just pitch their wares to advisers, noting it’s still the case that 75% of SMSFs don’t have an adviser,” Varlamos said.

Looking ahead

Forbes says that although developments in AI have been incredible, he believes it is highly unlikely that SMSF trustees will be able to create their own free administration platforms with AI anytime soon.

“I think that’s an interesting hypothetical, but the complexity of accounting, tax and superannuation compliance means that you want deterministic systems with reliable rules-based outcomes, as opposed to all of the AI large language models, which are non-deterministic and uncertain,” he says.

But AI and technology developments by large administration platforms are certainly making the user experience smoother for trustees at the same time as technology-enabled flexible investment options like SMAs become more widespread.