A unified approach to fee reporting for SMAs across the financial services industry.
By simplifying fee comparisons and promoting transparency between Responsible Entities, the standard ensures consistent and equitable reporting for Separately Managed Accounts (SMAs) across platforms.
Why it’s important
This standard promotes fairness and clarity in the SMA market, solving the historical issues of fee discrepancies and confusion. With consistent fee reporting, advisers and consumers alike benefit from straightforward comparisons.
Key benefits
1
Uniform reporting standards
Ensures consistent fee reporting formats across platforms, simplifying industry-wide comparisons.
2
Enhanced transparency
Provides clarity in fee structures for consumers and advisers, fostering informed decision-making.
3
Streamlined comparisons
Reduces complexity in comparing SMAs across Responsible Entities, helping users evaluate options with ease.
4
Improved trust and confidence
Builds trust by eliminating confusion around fee discrepancies for identical portfolios.
5
Increased fairness in reporting
Creates a level playing field by standardising reporting methods, reducing potential for misinterpretation.
6
Efficient integration
Designed to be easily adopted by SMA managers with minimal additional data requirements, promoting smoother implementation.
Who should use the standard
The standard is designed for key stakeholders in the financial services industry, including:
SMA Managers
To adopt the standard and ensure uniform fee reporting across platforms.
Responsible Entities
Support the standard to reinforce transparency and equitable practices.
Financial Advisers
Standardised reports help advisers make informed comparisons and recommendations.
Consumers
Provides clear, consistent fee information for better investment decision-making.
Who’s behind the standard
The SMA Reporting Standard is overseen by an expert committee and supported by foundational organisations who drive ongoing development and ensure the standard remains consistent and credible.
SMARS Advisory Committee
An expert committee provides ongoing oversight, input, and recommendations to maintain the standard’s effectiveness and relevance. Their commitment to industry best practices helps ensure the standard meets the needs of all stakeholders.
SMARS Founding Organisations
Key organisations supporting this initiative include ProductRex, who developed a standardised way to reference managed accounts and industry super funds in reporting, and Adviser Ratings’ data division, ARdata, who provide oversight and valuable data on industry entities.
Implement the standard today
Download and implement the SMA Reporting Standard today and ensure your reporting remains transparent and streamlined.