Founded by Olivia Long, who has more than 26 years’ experience in the financial services industry, SMSFAI aims to harness the power of AI to provide SMSF administration and reporting services, offering bespoke business-to-business, white-label solutions that are both profitable and tailored to meet the unique needs of its clients.

Before the launch of SMSFAI, Long joined ASX-listed Prime Financial Group in 2018 as SMSF managing director and was responsible for establishing an SMSF administration offering for B2B SMSF outsourcing solutions.

In this role, she also established ExpertSuper and initiated the acquisition of Intello.

"I’ve enjoyed more than 20 years of my career at the helm of SMSF administration firms, overseeing the growth of over 8,000 SMSFs during that period,” Long said.

SMSFAI has collaborated with Digital Rapport to leverage its advanced data automation and AI technology. Digital Rapport’s video reports will provide real-time insights into financial health and performance trends, tailored specifically for SMSF trustees.

Long said the goal of SMSFAI is to pioneer the first end-to-end, AI-processed SMSF annual return and independent audit.

"Video content is how we consume information in the modern age, with studies showing that video can increase information retention rates by up to 95 per cent compared to just 10 per cent with text. For financial reporting, this means our clients are more likely to understand and engage with their financial data when it’s presented in a video format,” she said.

“For trustees who don’t understand how to read financial statements, our three-minute video summarises the key outcomes of the SMSF each financial year, making it easier to interpret information and make those vital decisions around the day-to-day running of an SMSF.”

Long said SMSFAI had identified a solution to help firms provide video reporting to trustees using AI technology that would provide access to vital SMSF information 24/7 via its online reports that are updated daily.