Should there be truth in advertising in the SMSF software industry ? (Part 2)

By December 15, 2017January 15th, 2018Homepage, News

Looks like those who cannot be named are at it again. When they can’t make a sale, they simply make things up !!

Anyway, this edition of truth in advertising is about reporting numbers.

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First, quite frankly how many companies and funds BGL has on its web and desktop products in no ones business. BGL is a private company. We have no obligation to report to anyone. We do not have a share price we are trying to support or masters we are trying to impress.

BGL has a strict policy on reporting numbers. The number 1 rule is they must be correct. We are not in the business of “make up anything to make a sale”. BGL reports 2 numbers – those on our platforms and those we expect are moving to our platforms in the short term. We know the latter as we can calculate the number of companies or funds coming, based on the client’s CAS Desktop or Simple Fund Desktop licence.

We do not use fancy words like “Billable Funds”. Personally I have no idea what that means…

So when BGL says we have over 120,000 PAID funds on Simple Fund 360 or over 165,000 PAID companies on CAS 360 (as we do today) these are PAID funds and paid companies. PAID means clients have PAID us real money to put these funds and companies on our platforms.

Now  I think we have been pretty clear with our numbers. BGL has been in business over 30 years and 1 of the reasons is because we are honest. We do not lie. We do not make stuff up. We will tell clients the truth. We will apologise if we are wrong. We will find out answers rather than make them up.

So, when I see our competitors publishing stuff on their websites about BGL that is wrong, I will tell them.

When I see emails from our competitors talking about BGL that are wrong, I will tell them. And if any of my Team send emails talking about our competitors, I hope the competitor will tell me.

When our competitors claim seconds as firsts, I will tell them – and you.

BGL does not need to lie or spin anything. And we don’t.

So when I hear our competitors are suggesting our numbers are not correct, I get really annoyed. And that’s what one of my Team heard last night at a client’s end of year celebration.

So if anyone talks to you about BGL and they are not from BGL and you would like to find out the facts, call us anytime on 1300 654 401 and speak to my Team. We’ll tell you the truth.

Ron Lesh

Author Ron Lesh

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Join the discussion 4 Comments

  • Paul says:

    Do I care if BGL are the biggest . No.
    Do I care how many use this software. No.
    Those that dont may be making a huge mistake.

    We migrated our clients in the practice to both SF360 and CAS360 in the past year and I have to say I’m 100% sold on the product. Both are fantastic and the constant changes and enhancements keep coming yet I never feel anything was missing in the first place. In my opinion anyone not using BGL may be spending a fortune in poor compliance, poor admin outcomes and incurring hidden costs they dont even know they are incurring. Just yesterday a client with two companies advise a change of address. In three minutes I had generated every change and it was ready for signing. Digital signing took another minute. Lodged. All in five minutes. Client in a remote township in Western Australia. Us in Sydney. Client docs included all relevant records and they were astounded.

    We have slashed our costs of ASIC compliance and improved the client experience ten fold. We do it faster. We do it well and they love it.

    We carefully select of practice support software and reckon we have the best. BGL is part of that choice. And that will not change.

  • Dan says:

    Hi Ron,

    Just trying to get to the bottom of this market share of SMSF admin software discord

    So based on public records (31/12/17) we can say that competitor 1 has 155k funds, competitor 2 has 41k funds, & DIY have 100k. There is approx 600k SMSF as at 31/12/17 so assuming BGL has all the remaining SMSFs this would result in a 50% market share,

    Do you agree with this or have i gone wrong somewhere?

    also just to note I dont really care what market shares are I just want to get the facts haha

    • Ron Lesh says:

      Hi Dan

      According to our figures..

      Cloud Competitor 1: 150,000
      Cloud Competitor 2: 35,000
      Simple Fund 360: 130,000
      Simple Fund Desktop: 230,000
      Balance: who knows where

      Ron

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