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The integration will automate valuation processing, enabling “better intergenerational conversations about money”, the firms say.
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BGL readies for the ‘great wealth transfer’ with HeirWealth
19 April 2024
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9 minute read
SMSF admin and corporate compliance software developer BGL has announced an integration with family wealth manager HeirWealth.
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HeirWealth automates valuation processing for users, seizing on the impending $3.5 trillion wealth transfer expected to occur over the next two decades.
CEO Daniel Tramontana said accurate valuations for assets and liabilities held within SMSFs, companies and trusts would be made "effortless" for users of BGL's SMSF administration software Simple Fund 360 and accounting, investment and tax software Simple Invest 360.
“We are excited to add HeirWealth to the BGL Ecosystem,” he added.
The integration comes as the Productivity Commission predicts Baby Boomers will pass on a record $3.5 trillion to their children by 2050, with most assets sitting in superannuation funds or residential properties.
Known as the “great wealth transfer”, HeirWealth founder and CEO Ray Tubman said it was “going to present a lot of challenges” over how assets should be distributed.
“Whether you want to start having those conversations now or wait till later, centralising information in one secure location like HeirWealth is a great idea,” Tubman said.
The Sydney-based ‘wealthtech’ HeirWealth was founded in 2021 to help Australian SMSFs have “better intergenerational conversations about money”, providing investors and advisers with a view of assets and liabilities across 40 different classes.
Tubman said assets ranged from traditional investments such as term deposits, shares and property to private equity and “assets of passion” like fine wine, antiques, and collectibles.
“You can even upload photos from your phone and leave annotations to capture your family's story and legacy, so everything is recorded in one central vault and preserved for future generations,” he said.
General product manager Jeevan Tokhi said asset balance data from Simple Fund 360 and Simple Invest 360 would be updated in HeirWealth nightly.
“This allows firms to streamline their client’s financial world by consolidating all their financial and lifestyle assets, along with essential documents, into one easy-to-use application," he said.
The partnership follows a raft of recent updates BGL has made to its SMSF and accounting software.
After announcing a new, seven-person executive team in March 2023, it has added audit workflow tool ASF Audits, cryptocurrency tax software Syla and fintech accountantsGPS.
In February, it also added ChatGPT-like AI into Simple Fund 360 and Simple Invest 360, “enabling [users] to unlock unprecedented levels of analysis and insights regardless of their expertise”.
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