AMP is looking to create more operational efficiency within its SMSF business by reworking the organisation’s administration technology platforms in a manner that will eventually allow all of them to run off one system.
“Clearly we’ve grown from acquisitions to date and we have a number of different systems and a number of different processes, so a big piece of work at the moment we’re doing is determining how we rationalise our operation to become more efficient,” AMP SMSF managing director Natasha Fenech told selfmanagedsuper.
“We always said that in terms of the administration there are some core elements we need to bring to the table.
“Relevance to customers is obviously the foundation piece, but technology and the advancement of technology in terms of things like economies of scale … actually drives a better outcome for the customer at the end of the day through a much more cost-effective administration of their fund.
“So we’re looking to standardise our operation.”
Fenech said she was expecting the process would take around two years to complete.
“Clearly I’m pushing the team to do it sooner rather than later, but in all honesty I do believe it’s about a two-year proposition,” she said.
“We’re in conversation with our technology partners and we believe that each of the technology players at the moment, and it’s no secret we have relationships with Class Super, Supermate and SuperIQ … bring some real strengths to the table, but there are areas we need them to enhance further.”
She said it was very important to work closely with AMP technology partners not only to improve existing capabilities, but also to help the partner organisations as part of the project.
“This is going to take some time clearly because we’re not their only customer and we acknowledge that, but the great thing I think is that everybody sees the value in doing it,” she said.
