Xpress Super in growth express lane
Xpress Super chief executive Olivia Long is calling out industry doubters who said self-managed super fund (SMSF) administration was sunset, after the low-cost firm saw 100 per cent organic growth for the last financial year.
SuperGuardian, which Xpress Super is part of, saw an overall growth of close to 25 per cent in its client base for the 2016-2017 financial year, which Long attributed to its firm stance on the licensing accountants exemption.
“SuperGuardian… is benefiting from its decision to obtain its own AFSL (Australian financial services licence) following the removal of the accountants’ exemption,” she said.
“The timing couldn't be better as we have been inundated with requests for strategic advice due to the superannuation changes.”
Long said Xpress’ agenda for organic growth had proved a fruitful strategy and said the next step for the SMSF administrator was to up its competitive technology offerings.
“The fact we have live data enables us to be proactive with our client advice, as any information we need to make regarding strategic recommendations is easily available,” she said.
“We expect our growth to continue this financial year (2017-18) as we're seeing strong demand from smaller accounting practices looking to outsource their SMSF clients given the increasing complexity and compliance around accounting.”
Recommended for you
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.
