As reported late last month, SuperConcepts plans to expand its operations in Adelaide. The South Australian government is providing $1.6 million to support the expansion via the Economic Investment Fund.
As part of this change, SuperConcepts also confirmed last week it will be scaling back its operations in Victoria.
SMSF Adviser understands the accounting work that was being completed in the Glen Waverley office will transition to Adelaide or SuperConcepts’ new Indian operations as they come online. The client management duties will transition to the Adelaide and Sydney teams.
“SuperConcepts has always had staff locally and internationally. We are committed to maintaining an Australian business and have just committed to a long-term plan to create a SMSF hub in South Australia with the state government. We will continue to provide services using both our Australian and overseas employees,” a memo to staff said.
SMSF Adviser also understands SuperConcepts will continue to have an office in Brisbane. However, it is relocating its administration business support roles to its Sydney office.
Staff are being encouraged to consult with their direct manager where they have questions. An official consultation period was under way since the news was first announced, closing today.
Although the process is still ongoing, staff have advised SMSF Adviser that SuperConcepts is providing support to employees with redundancies, free support, services including career coaching, and financial advice.
SuperConcepts is owned by AMP. Perhaps they should change their name to IMP.
Is the “I” in relation to India?
I guess the overseas employees referred to by SuperConcepts are the people at BPO Connect who AMP has partnered with?
There was an article last week in the Sydney Morning Herald which mentions the a couple of senior employees (founders?) of BPO Connect who have faced court on fraud charges in relation to the R&D tax incentives scheme.
Seems legit…
Simon. The “I” is for India. I was not aware of the SMH article. Interesting about the fraud. I wonder if the Head Office staff that did the deal & the due diligence on that arrangement are still around. Or perhaps their roles have been offshored as well
The Premier of Victoria must have been asleep at the helm whilst the South Australian Premier has enticed yet another company to settle there.
Well knock me down with a feather its groundhog day.
With an overhead structure of 8 GMs, product team (10?) & sales group (15?), then SuperConcepts has to cut costs to be competitive.
So coal face staff must go. Client service must suffer.
Once revenues decline & management have left (with bonuses safely banked) them AMP will be left with the turkey they have prepared.
This has happened before (Perpetual & SmartSuper; ING / ANZ & Super Concepts; NAB & MLC SMSF) and is happening again.
SuperConcepts are the Little River Band of financial services. None of the founding members around & a poor imitation of the original.
I would agree 100%. When it comes to personal service institions have no idea. All they care about is the bottom line dollar. They do not care for staff & service standards suffer.
They fail to understand the limited technology skills of the retired. There was a world before smart phones & computers.
I would agree with Phils comment. The new SuperConcepts is a poor cousin to the old. My analogy would be New Seekers / Seekers.
It us rare that anything with ‘new’ in the name is better than the original.