AMP grows SMSF capabilities
AMP will create new and repackage existing capabilities to appeal to a growing self-managed super fund (SMSF) market, it said in its half-yearly report.
The report said key drivers of revenue for new business in the second half of 2012 would be scale and efficiency in administration, developing advice capabilities, broadening distribution reach and packaging product offers to appeal to SMSF customers.
AMP's SMSF capabilities would be highly complementary to its corporate super offer through AMP's financial planning division, Australian Financial Services, it said.
The report said both arms of the business would work together to capture new market opportunities, including extending distribution capabilities to high net worth individuals to meet increased demand and improve its SMSF advice capability.
AMP will initially focus on rolling out SMSF administration and platform offerings to individuals, accountants, trustees and external financial advisers before the company attempts to crack financial planning networks.
AMP signalled its intent to bolster its SMSF capabilities in June when it acquired The Cavendish Group and developed a new SMSF team under Paul Sainsbury.
In July, AMP relaunched its Ascend SMSF Service, making it available beyond its existing users at AMP Financial Planning and Hillross Financial Services. The product has been picked up by around 300 funds so far.
AMP already provides administration services to more than 8000 SMSFs and a further 3000 through its acquisition of The Cavendish Group. Its multiport SMSF administration, reporting and compliance services have been rolled out to 2,800 funds, while a 49 per cent share of SuperIQ sees a further 430 funds serviced.
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