SuperConcepts sees dip in SMSF market share
SuperConcepts has seen a slight dip in SMSF market share and revenue for the 2021 financial year but is optimistic the upgrade of its software platform will see improvement.
AMP released its financial results for the 2021 financial year on Thursday (10 February), reporting a net loss of $252 million.
AMP’s SMSF services business SuperConcepts generated a revenue of $32 million, which was down $3 million from the 2020 financial year.
The drop in revenue was due to fund attrition and lower investment income on superannuation capital reserves, AMP stated in the results.
Based on the FY 2021 results, SuperConcepts currently supports 41,754 funds, which represents 7 per cent of the SMSF market. SuperConcepts provides professional administration services to around 14,000 funds and software as a service to a further 27,754 funds, AMP stated.
This represents a drop from the 43,890 funds SuperConcepts supported in the 2020 financial year when it serviced 7.4 per cent of the SMSF market.
In its results, AMP said SuperConcepts has “transformed its customer service, reduced complexity and improved efficiency to support growth in sales which has improved over the prior year”.
It also noted that SuperConcepts had upgraded its existing software platform, SuperMate, which will be launched this month. AMP said it expects this will “grow market share and lift revenue”.
SuperConcepts has completed a number of technology projects, it added, which are delivering improved outcomes with financial reporting, client call management and service delivery.
It also attained ISO 27001 and SOC II certification, “demonstrating continued commitment to risk and compliance management for clients”, it stated.
Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
