Financial Standard Comments - Game changer in six months: AMP SMSFs

Comment by Graham Hand (cuffelinks.com.au)

Graham Hand (cuffelinks.com.au) — Thu, 21 Feb 2013 13:39:58 +1100

Something wrong here. How can AMP Group have 7% of SMSFs if they administer only 9,100 accounts.

According to the latest ATO statistics, there were 496,028 SMSFs at end the end of December 2012, being established at over 2,000 a month. So call it 500,000 now.

I make 9,100/500,000 less than 2%, so let's not get too excited. SMSF administration is still predominantly a 'cottage industry' of thousands of accountants.

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Comment by Delusional Claims (Bewildered Industry Observer)

Delusional Claims (Bewildered Industry Observer) — Thu, 21 Feb 2013 14:08:54 +1100

Lets hope the SMSF Administration maths is a little better than that of the AMP Group publicist

Over the past year AMP Super has announced previously the acquisitions of
Cavendish (5000 funds)
Smart Super (1000 funds)
Multiport (2500)
That leaves SuperIQ & Ascend with 600 funds

And as there are approximately 496,000 SMSFs at Dec12 (as per the ATO statisitical report) the 9100 funds represents less than 2% of the wholesector (not 7% as claimed above).

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Comment by HUbert East (Grosvenor Pirie)

HUbert East (Grosvenor Pirie) — Fri, 22 Feb 2013 15:16:08 +1100

Regarding whether it is 2% or 7% doesn't matter. 9,100 funds is a hell of a lot!

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Comment by Bruce Phillips (Private)

Bruce Phillips (Private) — Fri, 22 Feb 2013 16:56:37 +1100

Wow - did anyone read the AMP report. They paid $20M for Cavendish - for a reported 5000 funds that is about $4000 per fund!!!

Good luck getting a return on that investment

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