Speaking to SMSF Adviser, Ms Fenech said that over the last six months, AMP SMSF has been focusing on a new strategy which she said is starting to generate traction within the business.
She reiterated that AMP SMSF will be focusing on organic growth, as originally announced by chief executive Craig Meller following the release of AMP’s first-half year results.
However, Ms Fenech also said further acquisitions are not out of the question for AMP SMSF.
“We’re always looking for opportunities, but we also feel that we need to start making our offers stand up,” Ms Fenech said.
AMP SMSF is re-examining its “go-to-market” strategy and looking at how it can refresh its product offerings, she said.
The business is also looking more towards education, having recently announced the launch of its partnership with The University of Adelaide.
In addition, Ms Fenech said AMP SMSF is investing heavily in training its staff, and has invested in new roles to support that training capability.
By Mr Meller’s admission, AMP SMSF has experienced a period of modest growth, but Ms Fenech is confident growth will improve.
“We’ve had some really great traction working with accountants especially, in that they see us as partners to their business,” Ms Fenech said. “That’s something we’ll continue to focus on, as well as all our other channels through our aligned and adviser networks, the IFAs, stockbrokers, and even direct.”
AMP has a t last come to its senses in the SMSF space. After spending tens of millions on acquisitions and marketing programmes it has finally realised that you do not have to own SMSF administration businesses to make money in the SMSF space.
In order to gain expertise in the SMSF space AMP simply had to recruit staff rather than buy the businesses that employed the staff