Interest in the self-managed super fund (SMSF) industry is growing, and clients transferring between providers and changing away from obsolete systems are contributing to the strongest growth on record for SMSF and wealth management technology business, Class Limited.
In an announcement to the Australian Securities Exchange (ASX) this week, the company's shareholder update across its products, Class Super and Class Portfolio, showed continued results, with the $325 million company holding more than $160 billion in total value from Class Super assets.
Billable portfolios at the close of the quarter ending 31 December totalled 127,806 for the Class Super product, while Class portfolios increased by 5,745. The Class Portfolio saw record growth over the final quarter off the back of steady increases over the 24 months to December 2016.
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The cloud accounting software provider attributed results to strong organic growth in the Class subscriber base, which totalled 1,050. In addition, transfers from other providers, general industry growth following legislation developments in 2016, and a move away from obsolete systems had contributed to the steady growth rate.
The SMSF market share for Class has increased annually since 2011 and held 21.7 per cent of the total industry market share of 589,000 at 31 December.