AMP’s SMSF business has continued its market dominance, with the finance giant set to continue chasing growth in the sector.
AMP’s SMSF administration services continue to grow at twice the market rate, with the number of accounts under administration increasing to 9,650 in the first half of this year from 3,000 in 2012.
“Just a year after launch, AMP SMSF is the market leader in SMSF administration and is growing at more than double system growth,” AMP SMSF managing director Paul Sainsbury told SMSF Adviser.
“This lead has been underpinned by the high calibre of experts in our SMSF team, growing adviser SMSF expertise and advanced technology which is driving customer take-up,” Mr Sainsbury said.
The administration side of the business presents further opportunities with trustees and advisers, incoming chief executive officer Craig Meller said at a media briefing last week.
“It gives us the opportunity to have a conversation with the members of SMSF funds and trustees - to say, are there other services that AMP SMSF can provide?” said Mr Meller.
“That might be providing life insurance to members of funds, it might be lending them money to buy property within the fund, it might be providing investment solutions that can be more specific to the requirements of SMSF funds.
“We’ve achieved good growth in the administration of SMSF funds on behalf of fund trustees, we believe that could be a good business in itself… growing that in its own right, we think is going to be a good business for AMP.”
Mr Meller added that the SMSF campaign is contributing to AMP’s public image as being “more innovative, more contemporary and in touch with market trends”.
The SMSF business is working with other AMP businesses to develop SMSF-specific products, including AMP Bank’s loan product AMP SuperEdge and AMP Capital's specialist investments.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 22 Sep 2017ASIC permanently bans SMSF property spruikerBy Miranda Brownlee
- 22 Sep 2017Male SMSF investors ‘bigger risk takers’, says reportBy Staff Reporter
- 22 Sep 2017Lawyer flags subdivision trap with downsizer contributionsBy Miranda Brownlee
- 22 Sep 2017ATO urged to address ‘unknowns’ with LRBA reportingBy Miranda Brownlee
- 21 Sep 2017Lost and unclaimed super climbs to $18 billionBy Lara Bullock
- 21 Sep 2017ATO to release further guidance on reservesBy Miranda Brownlee
- view all
- Male SMSF investors ‘bigger risk takers’, says report
Male SMSF members tend to hold a greater share of assets in higher risk investments including domestic shares and property in comparison to ...read more
- Lawyer flags subdivision trap with downsizer contributions
SMSF trustees planning to make downsizer contributions have been warned that if a property has been subject to a partial sale in the 10 yea...read more
- ATO urged to address ‘unknowns’ with LRBA reporting
The ATO has been asked to provide further clarity around the events based reporting requirements for LRBA repayments, with the new requireme...read more
- view all