BGL managing director Ron Lesh said BGL now has over 100,000 paid SMSFs on Simple Fund 360 and 140,000 paid companies on CAS 360.
During the September 2017 quarter, BGL added 23,402 funds and 503 clients to Simple Fund 360 and 42,285 companies and 168 clients to CAS 360, said Mr Lesh.
“Clients transitioning from BGL desktop to cloud-based solutions has definitely contributed to this strong growth” noted Mr Lesh.
“However, we estimate clients representing well over 200,000 SMSFs and 700,000 companies have yet to migrate from our desktop to our cloud solutions, so really this is only the beginning of the work we need to do”.
Seems like representing and actual is causing Bewildered Industry Observer a problem. Representing means clients and how many funds they represent ie do work for. Actual is actually loaded on the platform. Pretty simple. The difference is simply work in progress.
How does Mr Lesh reconcile these comments with his comments of 1 August – SMSF Adviser Online
Speaking at BGL RegTech17, managing director Ron Lesh said BGL recorded a growth rate of 36 per cent and 52 per cent on Simple Fund 360 and CAS 360 respectively.
According to Mr Lesh there were now 2,900 clients on Simple Fund 360, representing 160,000 funds, with 64 per cent migrating from Super Fund Desktop.
CAS 360 now has 600 clients representing approximately 160,000 companies, with 48 per cent coming on board from CAS desktop.
So, is that a decline of around 60,000 SMSFs on Simple Fund 360; and a decline of 20,000 companies
for CAS 360 or were the numbers released at RegTech17 a serious over statement of the facts.