Super IQ doubles after dual acquisitionsBY MARK SMITH | FRIDAY, 1 NOV 2013 12:30PMSuper IQ's acquisition of Super Concepts means the self-managed super fund (SMSF) provider has doubled in size in the last month. Related News |
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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.
So with the Tranzact purchase and the Super Concepts purchase the total number of funds acquired by AMP SMSF will approach 15,000.
After having a 10 year start on everyone else ANZ/ING have bailed out. They have seen the light - you do not need to own an administration business to be in the SMSF space. SMSF administration is a commodity.
The administration businesses are all in a mad scramble to the bottom in relation to fees. Margins are falling. While technology (the great saviour) can deliver scale it will inevitably lead to a lack of personal service and -
- Very few trustees require whizz bank platforms with iThingy access.
- Basic advice will incur significant additional fees
- Trustees will be pushed back towards an adviser (the very antithesis of why they set up an SMSF in the first place).
In summary the trustees of SMSFs will be worse off.