SuperConcepts reports uptick in software users
Despite a decline in funds under administration, SuperConcepts has reported 10 per cent growth in the number of SMSFs using its SuperMate software.
In its full year results for 2022, AMP has reported a significant drop in assets under administration for its SuperConcepts business from $17.43 billion down to $14.44 billion.
The SMSF services provider also saw a slight decrease in revenue from the 2021 year, due to fund attrition. Revenue fell by $2 million down to $30 million.
SuperConcepts did see strong momentum with its SMSF software platform, however, with the company seeing 10 per cent in growth in funds on SuperMate.
“SuperConcepts continues to transform the customer experience with the commencement of several projects targeted at internal software development to enhance automation and AI capability within operations,” AMP said in its results.
The SMSF services provider also stated that it has seen improved delivery in fund lodgements which has enabled an early start on lodgements for the 2022 financial year.
“This has lead [sic] to the commencement of work on 58 per cent more funds than planned and improved year-on-year momentum,” it said.
SuperConcepts launched a redesigned version of its original SuperMate software last year with a web-based interface and a host of new features.
Across administration and software services, SuperConcepts currently supports 44,199 funds representing 7.3 per cent of the SMSF market.
It provides professional administration services to over 14,732 funds and software as a service to a further 29,467 funds.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.