Game changer in six months: AMP SMSFsBY LAURA MILLAN | THURSDAY, 21 FEB 2013 12:40PMAMP Group's self-managed super fund business is now managing more than 9,100 SMSF accounts, more than treble the number it managed in the first half of last year. |
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David Woodall
CHIEF EXECUTIVE OFFICER, SUPERANNUATION
INSIGNIA FINANCIAL LTD
INSIGNIA FINANCIAL LTD
Facing his greatest test yet in metamorphosing MLC Super, Dave Woodall is adamant the juice will be worth the squeeze. Jamie Williamson writes.
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.
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).
Regarding whether it is 2% or 7% doesn't matter. 9,100 funds is a hell of a lot!
Good luck getting a return on that investment