ANZ planning to grow SMSF advice arm

Following last week’s announcement of its plan to launch a digital SMSF, ANZ has confirmed its intention to further develop the group's advice and administration capabilities within the SMSF space.

Speaking to SMSF Adviser, ANZ chief executive for global wealth, Joyce Phillips, said ANZ is looking to cement its position in the SMSF sector and increase adviser numbers.

“We’ll be developing… the advice arm. We are looking [at] how we could really transform advice as well,” Ms Phillips said.

“We really are looking to take a different approach than others have in the industry and we’re piloting a lot of technology and a lot of tools,” she added.

Ms Phillips said ANZ is targeting a broad range of clients with its SMSF initiatives, not necessarily SMSF clients with higher account balances.

“I don’t believe that [an] SMSF is really for everyone and that everyone has the time to really look at that and manage that appropriately,” she added.

Ms Phillips estimates ANZ currently has 100,000 clients already in the SMSF space, including through its online etrade platform.

“We service SMSFs through various platforms that we have today… it’s really leveraging the position we already have,” Ms Phillips said.

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