Super IQ acquires Super Concepts
AMP-linked Super IQ has signed a white label deal with ANZ and acquired SMSF administration firm Super Concepts.
Super IQ is 49 per cent owned by AMP and 51 per cent owned by Super IQ chief executive Andrew Bloore.
The Super Concepts brand will be retained as part of the agreement and it will continue to operate from its Melbourne offices, according to an announcement from Super IQ.
“This agreement is good for Super Concepts customers, good for ANZ customers and good for SuperIQ. Super Concepts customers and ANZ customers will have access to Super IQ’s market leading SMSF administration service and technology platform,” said Mr Bloore.
“SuperIQ will benefit through increased scale which will allow us to continue to invest in enhancing services for customers, advisers and accountants. The agreement will allow us to better serve the needs of customers in this rapidly changing sector of the industry while increasing the overall efficiency and competitiveness of the business,” Mr Bloore said.
“We will ensure a smooth transition for Super Concepts customers. Customers will have access to a much more functional range of online services and we are keen to engage with customers to ensure they are aware of the features and benefits that will now be available to them” Mr Bloore added.
Mr Bloore said he looked forward to working with ANZ to provide high quality SMSF administration services to the bank’s customers.
“ANZ and its customers will have access to Super IQ’s market leading SMSF administration service and technology platform. This will provide them with up to date information about their fund, delivered via ANZ’s online dashboards as well as telephone based service through dedicated Client Service managers.
“The improved transparency and service means customers will have timely information about their fund, at their fingertips in the one place and will be better placed to make decisions. This ultimately helps customers to take control of and better manage their retirement savings” Mr Bloore said.
Super IQ’s acquisition of Super Concepts comes two weeks after it acquired Brisbane-based financial services firm Tranzact’s SMSF business.
Following this announcement from SuperIQ, ANZ has announced it will launch a "digital self-managed super fund". ANZ will partner with SuperIQ to deliver this service.
“This new SMSF solution will enable ANZ to provide clients with an integrated digital product that helps them manage all their self-managed superannuation needs in one place," ANZ Global Wealth chief executive Joyce Phillips said.
“We see an opportunity for ANZ to become a key player in the SMSF market, which today is the largest superannuation segment in Australia with assets of around $500 billion,” Ms Phillips said.
"ANZ Self Managed Super" will be available to ANZ customers in December this year.