AMP’s SMSF administration services continue to grow at twice the market rate, with the number of accounts under administration increasing to 9,650 in the first half of this year from 3,000 in 2012.
“Just a year after launch, AMP SMSF is the market leader in SMSF administration and is growing at more than double system growth,” AMP SMSF managing director Paul Sainsbury told SMSF Adviser.
“This lead has been underpinned by the high calibre of experts in our SMSF team, growing adviser SMSF expertise and advanced technology which is driving customer take-up,” Mr Sainsbury said.
The administration side of the business presents further opportunities with trustees and advisers, incoming chief executive officer Craig Meller said at a media briefing last week.
“It gives us the opportunity to have a conversation with the members of SMSF funds and trustees – to say, are there other services that AMP SMSF can provide?” said Mr Meller.
“That might be providing life insurance to members of funds, it might be lending them money to buy property within the fund, it might be providing investment solutions that can be more specific to the requirements of SMSF funds.
“We’ve achieved good growth in the administration of SMSF funds on behalf of fund trustees, we believe that could be a good business in itself… growing that in its own right, we think is going to be a good business for AMP.”
Mr Meller added that the SMSF campaign is contributing to AMP’s public image as being “more innovative, more contemporary and in touch with market trends”.
The SMSF business is working with other AMP businesses to develop SMSF-specific products, including AMP Bank’s loan product AMP SuperEdge and AMP Capital’s specialist investments.
Hardly a great result. Tens of millions spent on acquisitions, a big advertising campaign and in the last quarter another 550 funds. At commencement the target for one of the businesses was 80,000 funds in four years. Two years in and AMP SMSF with four businesses has yet to achieve 10,000 funds. When will those responsible for this folly be accoutable.