Despite being a growing reservoir of funds under management, this critically important pool of capital is confronting mounting problems collating and disseminating key data in a timely manner.
The ratings house is pinning its growth strategy on a revamped methodology that increases the emphasis on governance to 25 per cent – a timely move considering APRA’s proposed reforms.
Financial Synergy signs historic deal with Statewide
(pictured: David Orford and Stephen Mackley)
Financial Synergy has signed its largest-ever contract – a deal with Statewide Super – in what is also believed to be the super fund industry’s first ‘software as a managed service’ contract, for its Acurity admin system.
According to Stephen Mackley, the system company’s chief executive, the deal is also the first in which Financial Synergy is taking responsibility for the “Opentext implementation and data conversion”. This refers to Financial Synergy’s new service, using global provider Opentext, which allows super funds and similar institutions to collect and analyse a massive amount of data to help in their acquisition and retention of members or clients.
David Orford, who founded Financial Synergy in 1978 and remains its chairman and major shareholder, sent a note to all staff, congratulating them for their efforts.
“We have already started work,” he said a couple of days after the final contract was signed this month. Statewide Super manages about $6 billion for 150,000 members, mainly in South Australia.
In his note to staff, Orford said: “This is another major success for Financial Synergy attributable to the many people [who] have made Acurity the best administration software in Australia (if not the world), Acurity Online the best online super admin facility in Australia, our Administration service the best quality in Australia and our consulting services – which, amazingly and consistently deliver on time, on budget with a high degree of client satisfaction – the great envy of our ‘competitors’ in Australia and elsewhere.
“Thank you all for your contribution to the success of our Company and to everyone that has worked to obtain this important new client – where we’ll once again create synergy.”
