Exelsuper has tripled revenue since the company’s formation in 2012 and now manages more than $150 million in funds, according to a statement issued yesterday.
Exelsuper chief executive Chris Harris said the boom in SMSFs among ordinary Australians combined with the firm’s acquisition of Oxford Financial Services earlier this year has “underpinned the company’s progression”.
Mr Harris explained that the growth of Exelsuper over the past two years also indicates how “general public” demand for specialist SMSF advice is “increasing”.
“Approximately one million Australians now have a self-managed superannuation fund – a figure that is expected to keep rising,” Mr Harris said.
“In response to the growing demand for SMSFs, we’re currently in the process of developing Exelsuper as a high-level franchise business,” he added.
Mr Harris said Exelsuper’s plan is to build on its development in South Australia though client growth and “strategic” company acquisitions before “pursuing opportunities” interstate.
“We think this will significantly strengthen our SMSF brand and further boost our market share,” Mr Harris said.
While 300% is a nice headline if we use the average SMSF balance of $1mil per fund Exelsuper has grown to 150 funds from 50 funds with a chunk likely to be from the acquisition. There would be hundreds of firms who could boast a similar story without an acquisition. Let’s stop presenting SMSF as a gravy train for every Tom, Dick & Harry just to get a free marketing grab.