Class Ignite 2024 Live Blog – Day 1

At Class Ignite 2024, we had the privilege of hearing Nicholas Marchesi OAM, co-founder of Orange Sky, share the remarkable story of building the world’s first mobile laundry service for the homeless. What started as two friends and a van equipped with washers and dryers has grown into an organisation that has washed over 1.4 million tonnes of laundry and, more importantly, connected with countless individuals across the community.

Nicholas’s keynote, “The Power of a Conversation and Technology to Connect Communities,” underscored the significance of human connection. While the surface-level goal may seem like washing clothes, Nicholas emphasised that it’s never just about clean laundry—it’s about sitting down at those six chairs, having genuine conversations, and making people feel seen and heard. Orange Sky’s success isn’t just the result of innovative tech solutions; it’s the result of creating a space where judgement-free conversations can take place.

Nicholas also touched on the ongoing “build or buy” decision many organisations face, particularly in the nonprofit sector. Orange Sky’s journey from developing a mobile laundry service to creating a web app, with the help of Google, showcases how innovation can scale impact. The web app allows Orange Sky to efficiently deliver its mission and is now being shared with other NFPs to help them grow their reach.

A recurring theme from the session was the power of communication and trust in any organisation’s success. Whether it’s managing a business or providing essential services to the homeless, connection through conversation is vital to building trust and driving positive impact.

Supporting Orange Sky’s Mission

As part of Class Ignite 2024, we were also thrilled to announce that Class, in partnership with HUBEmpower, will donate $5,000 to support Orange Sky’s ongoing efforts to help those experiencing homelessness. Attendees were encouraged to get involved and make personal contributions through the dedicated donation link here.

At Class, we believe in the power of technology and human connection to make a difference. We’re proud to support Orange Sky in their mission to positively connect communities and raise awareness of the growing issue of homelessness, which affects 1 in 200 Australians.

Let’s continue this conversation and find ways to build trust, innovate, and create meaningful change—one small act at a time.

Support Orange Sky Today: Donate Here

Excitement is building for Nicholas Marchesi’s keynote session at#ClassIgnite2024. Nicolas will share the inspiring journey of building the world’s first mobile laundry service for the homeless. Learn how innovation, trust and communication can drive meaningful impact and strengthen connections within your organisation.

Dr. Evan Morrison, Head of Innovation Lab at HUB24, is currently leading an insightful session on leveraging AI to revolutionise business practices for accountants and advisers. The session dives into how emergent AI technologies are being used to streamline key tasks such as document analysis, process automation, and content personalisation.

Key Highlights:

• Practical examples of AI applications in action: from reducing manual workloads to enhancing client engagement strategies.
• Real-world impacts of AI-driven systems that increase practice efficiency and provide rapid access to critical insights.
• Exploring the potential of AI to democratise access to expert knowledge and support data-driven decision-making, reducing reliance on specialised experts.

Dr. Morrison’s passion for integrating AI into financial services is evident as he shares his experience, particularly in creating systems that open new ways to communicate and work more effectively.

Stay tuned for more insights from this transformative session on how AI can empower accountants and advisers to enhance their service delivery!

Starting in just 5 minutes in Ballroom A, don’t miss this critical session on Audits – Getting It Right: Valuations of Unlisted SMSF Investments as part of Stream 1.

This session is designed for professionals managing SMSFs with unlisted investments and will provide valuable insights into the auditors’ perspective on best practices for valuation.

Aparna Sundararajan, Director of Strategy and Consulting at CyberCX, is currently presenting a critical session on cyber security risks and secure AI adoption strategies. This Stream 2 presentation (in Ballroom B), is essential for professionals integrating AI technologies into their operations.

Session highlights:

• AI Security risks: Aparna delves into potential threats and challenges that accompany AI technologies.
• Secure AI implementation: Discover best practices for securely deploying AI within your business processes.
• Strategic cyber security: Gain insights into developing a comprehensive cyber strategy that supports secure AI usage and aligns with overarching business objectives.

Speaker snapshot: With over 16 years in IT advisory, Aparna Sundararajan has advised C-suite executives on cyber security, data analytics, and tech adoption. Leading the NSW Strategy and Consulting team at CyberCX, she crafts holistic cyber strategies to enhance organisational influence and communicate the value of security investments to executive leadership.

Our esteemed panelists delved into several critical insights from the 2024 Class Annual Benchmark Report:

1. Impact of Division 296 Tax: The discussion kicked off with the potential implications of the proposed Division 296 tax on high-balance SMSFs. The panel explored how this could affect members with balances over $3 million, particularly the liquidity challenges and decision-making concerning property investments.
2. Strategic retirement planning: A major focus was how SMSF members, particularly those aged 60-64, are increasingly adopting strategies like Transition to Retirement Income Streams (TRIS) and Retirement Phase Income Streams (RPIS), highlighting proactive retirement planning.
3. Evolving contribution trends: Insights into the increasing role of older Australians in reshaping retirement strategies through substantial non-concessional contributions were discussed, emphasizing the demographic’s leveraging of recent superannuation law changes.
4. ETFs’ rising popularity: The growing adoption of ETFs among SMSFs was highlighted, with discussions on how ETFs facilitate diversified, cost-effective portfolios, echoing the broader trend towards more efficient investment strategies.

Download the full report: Don’t miss out on the complete insights and detailed analysis provided in the 2024 Class Annual Benchmark Report. Download the report today to uncover the insights and opportunities to enable your business and your clients.

Download the 2024 Class Annual Benchmark Report here

Class Ignite 2024 has just kicked off with an exciting start as CEO Tim Steele takes the stage. Today, he shared significant updates on Class products and valuable insights from the latest Class Annual Benchmark Report.

Here’s a glimpse of what’s been covered:

• Class and NowInfinity growth:
  • Class accounts have seen substantial growth, increasing SMSFs at a rate 1.5 times the system average, based on ATO SMSF statistics.
  • NowInfinity, our tool for managing corporate compliance and legal documents, has notably expanded to managing more than 800K companies, processing millions of ASIC transactions in FY24 with a stunning 98.6% success rate.
• Product innovations
  • Virtual Mail Room (VMR): Currently in a pilot program, and addressing a common challenge faced by many accounting and advisory firms, the VMR offers a sophisticated solution for handling incoming client documents. By leveraging advanced AI technologies, VMR automates the classification and categorisation of documents, enhancing both efficiency and security.
  • Class Client Portal: Launched in beta, this new client portal prioritises a streamlined, mobile-first user experience. It includes integrated e-signing capabilities and advanced security measures, providing a robust platform for secure client engagement and communication.
  • Share Registry Connections: Our latest enhancement allows for seamless connections with major share registries facilitating quicker and more accurate administration. This feature automates the retrieval of holding balances and ownership details, saving invaluable time and reducing errors.
• Market dynamics
  • The SMSF sector continues to thrive despite economic uncertainties, with SMSF establishments hitting a record high this year.
  • Class has a significant 30.7% market share in SMSF administration, reflecting our strong market presence and commitment to excellence.
• Insights from the Annual Benchmark Report:
  • The proposed Division 296 tax could impose significant challenges, especially for high-balance SMSFs with illiquid assets like property.
  • A growing unmet need for financial advice among SMSF trustees highlights a vast opportunity for financial advisers to leverage technology to cater to more clients.
  • Older Australians are actively shaping their retirement strategies, as evidenced by a surge in non-concessional contributions among this demographic.

Engage with Industry Leaders: Join Tim and other industry experts at our upcoming panel discussions to delve deeper into these insights and discuss strategic responses to current challenges. Our experts, including Meg Heffron, Melanie Dunn and Peter Burgess, will share their perspectives on the evolving SMSF landscape and offer strategies for navigating these changes.

Download the full report now for comprehensive insights and strategies to navigate the ever-changing SMSF landscape.

We’re thrilled to kick off this year’s Class Ignite conference, where we bring together the sharpest minds in the industry to explore the latest trends, insights and strategies in SMSFs.

This morning, you’ll explore sessions covering the launch of our 2024 Annual Benchmark Report with a panel of expert speakers and learn about some of the new challenges and decisions for impacted clients.

Don’t miss the CEO welcome by Tim Steele, where he’ll share key findings from our latest Benchmark Report. This is just the beginning of an incredible journey, so buckle up and get ready for a day of inspiration, insights and connection.
#ClassIgnite2024 #dayonewelcome

We understand not everyone could make it to our conference this year, but we believe that distance shouldn’t hinder the spread of great ideas and knowledge. So, welcome to our live blog for Class Ignite 2024!

This is your all-access, behind-the-scenes, front-row ticket to everything happening at our event.

Here, you’ll get more than just updates. We’re bringing you real-time insights, key takeaways from our expert speakers, exciting highlights, engaging Q&A sessions, and even some fun snapshots to give you the full conference experience.