October 2019 Trustee User Group Minutes

Simple Fund Trustee User Experience Group, Melbourne Minutes

Meeting details

A client user group for BGL Corporate Solutions
held at Suite 2, 606-608 Hawthorn Road, Brighton East, VIC 3187
on Thursday, 17th October 2019 at 10:00am – 11:30am .

Members in Attendance:

Chairperson: Ian Caines
Minute Taker: Leslee Hall
Attendees: Eleanor Allan, Maree Hastings, Ted Geldermaisen, Mark Jacobs, Kerry Disney
BGL Representative: Rocco Agostino, Cleo Luneburg

Previous Meeting items:

No minutes of previous meeting tabled. Recollection of members who attended was that no business was outstanding.

Items discussed:

AUDITOR ACCESS

A member mentioned that she had difficulty in giving her auditor electronic access to her fund.

Rocco worked through the process to provide this access. ( Fund Dashboard –“Share with”). Trustee can either provide individual auditor or company name.

INVESTMENT STRATEGY

A member queried why her Investment Strategy Comparison Report was not correctly reflecting her investment types when Annual Report correctly recorded same? No member had a certain answer but discussion centred on whether or not correct Chart of Accounts codes had been used.

Rocco offered to look in to this issue out of session.

UNMATCHED TRANSACTIONS

The issue of why salary sacrifice contributions were being matched for one member and not for another was discussed. The group suggestion was that while the reason for this discrepancy could not be explained, creation of a “Rule” should solve the problem.

Rocco worked through the screens and options.

SELF WEALTH AND UNMATCHED TRANSACTIONS

Member mentioned the problems she faced with unmatched broker transactions specifically because of the way Self Wealth separated SELL/BUYs from brokerage charge i.e. two transactions.

It was thought that this must be a common problem.

Rocco is to raise the issue with the Development Team.

PROACTIVE RESPONSE

A member expressed appreciation to BGL for being kept informed of progress during a recent problem with NAB data feeds. Issue was originally raised as a Support Call but member appreciated ongoing information.

ACTUARY AND FUND ERRORS

Member mentioned that on requiring an actuarial certificate this year, for the first time, the process identified a number of errors that needed to be corrected before the certificate could be issued.

It was interesting that these matters had not been previously identified.

Once corrected the process was remarkably quick to finalise.

THANK YOU, IAN

Minute takers addendum.

Ian Caines mentioned that this would be his last meeting. On behalf of all attendees over the years, I would like to express our appreciation of Ian’s contribution to our group. His wisdom, good humour and gentle leadership will be greatly missed. Thank you.

Next Meeting

Thursday, 23rd January 2019 at 10:00am – 11:30am .

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