Business News

Class takes 22 pct of SMSF market share

Class has reported the number of SMSFs on Class Super increased by 5067 to 132,873 for the quarter ending 31 March, taking its share to 22.4 per cent of the estimated 593,000 SMSFs in the market.

The 4 per cent increase in Class SMSFs compares with an estimated industry growth rate of 1.3 per cent over the same period.

Class said its established users continued to take market share away from peers that used less effective systems, and contributed 30 per cent of SMSFs added over the quarter.

“The strong growth within the current subscriber base, underlying industry growth and new subscriber wins from obsolete desktop systems continue to power Class growth,” Class chief executive Kevin Bungard said today.

“Super legislation changes, especially the need for real-time reporting, are driving increased interest in system automation, given that accountants using end-of-life desktop systems and Excel will not be able to meet the new requirements.”

The quarter also revealed continued portfolio growth for Class, increasing by 5520 to 135,736.

Total portfolios included the 132,873 SMSFs on Class Super and 2863 investment portfolios on the Class Portfolio product.

These portfolios are administered by 1078 subscriber businesses.

During the quarter, Class launched the industry’s first mobile app that offers SMSF trustees and other investors access to a detailed, up-to-date overview of their investment portfolios via Apple and Android phones.

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