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.
