When asked if AMP was seeing a lot of transference from retail super to SMSFs, AMP’s SMSF administration director Andrew Hamilton said it was instrumental to the firm’s long-term business model to operate in both.
“I think the overarching business model is very much about being in that space [SMSFs and retail],” he told InvestorDaily.
“Yes there is certainly movement from retail to into self-managed, and it is something as a group we need to be conscious of and be able to offer the right services across both.”
SMSFs have grown significantly in the past few years. According to the Australian Prudential Regulation Authority (APRA), it is now accounting for almost half a trillion dollars of total assets and is the largest segment of the superannuation sector.
AMP has various retail super offerings, but has also recently launched or acquired several new brands and services targeting SMSFs.
“AMP has taken the view that SMSFs in particular are a sector of the superannuation market that it wants to be involved in,” Mr Hamilton said.
AMP also believes, as a firm, it has certain specialist resources that will enable it to service this sector particularly well. “There is a speciality around SMSFs with understanding knowledge, technology ... we certainly have got an advantage in that space,” Mr Hamilton said.
