About the
Standard
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Introduction to the SMA Reporting Standard
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What is the
SMA Reporting Standard
The SMA Reporting Standard is a framework designed to unify and simplify fee reporting for Separately Managed Accounts (SMAs), promoting fairness, transparency, and consistency across the financial services industry.
Why Was It Created?
Before the SMA Reporting Standard, fee reporting varied significantly between Responsible Entities, leading to confusion and challenges in comparing SMAs. The standard was introduced to address this issue, creating a consistent framework that removes ambiguity and enhances transparency.
What Does It Achieve?
The SMA Reporting Standard streamlines fee reporting by standardising data fields that are already part of SMA construction and management. It ensures that consumers and advisers can easily compare identical SMAs across platforms, fostering clarity and trust in the industry.
Who Is It For?
The SMARS Standard is designed for a wide range of stakeholders:
- SMA Managers: Adopt the standard to ensure consistent reporting across platforms.
- Responsible Entities: Support the standard to provide equitable and transparent reporting.
- Financial Advisers: Use standardised reports to confidently compare and recommend SMAs to clients.
- Consumers: Benefit from clear, consistent fee information when reviewing investment options.
Why Use the SMA Reporting Standard?
Adopting the standard ensures a level playing field in fee reporting, eliminates confusion caused by discrepancies, and enhances industry credibility. Organisations that use the standard align themselves with best practices, building trust with both advisers and investors.
The Standard’s
Advisory Committee
The SMA Reporting Standard is overseen by an expert committee who provide ongoing recommendations and input. This layer of governance ensures the standard remains consistent and credible.
Dr Jerry Parwada
Professor of Finance and Former Director of Academic Strategy at UNSW Business School
Dr Michelle Cull
Associate Professor of Accounting and Financial Planning in the School of Business at Western Sydney University and leading academic in financial planning
Tom Reddacliff
CEO of Encore Advisory Group and industry expert
Angus Woods
Founder of Adviser Ratings and industry expert
Nick Topham
Founder of ProductRex and industry expert
Founding
Organisations
The founding organisations of the SMA Reporting Standard have played a pivotal role in its creation, providing the insights and innovations needed to deliver a framework that supports fairness and clarity in fee reporting.
ARdata
Adviser Ratings’ data division, ARdata, plays a critical role in providing oversight and valuable data on industry entities. Their deep insights into the financial services sector ensure the standard is aligned with industry needs and maintains its relevance over time.
ProductRex
ProductRex has developed a standardised way to reference managed accounts and industry super funds in reporting. This approach simplifies complex data structures, making it easier to implement consistent and transparent fee reporting practices across platforms.
Implement the standard today
Download and implement the SMA Reporting Standard today and ensure your reporting remains transparent and streamlined.