AMP’s results for the third quarter of 2017 have revealed an increase in the number of SMSFs serviced by wealth management arm SuperConcepts.
The figures for the quarter ended 30 September 2017 showed the number of funds SuperConcepts is now servicing in either an administration or software capacity jumped by 1475. It means the organisation now supports a total of 57,779 SMSFs.
Despite the rise in the number of SMSFs SuperConcepts is now servicing, the assets under management (AUM) for this client set fell slightly from $22.56 billion during the June quarter to $22.46 billion in the September quarter.
However, in the context of total Australian AUM, AMP received a lift of $211 million over the three-month period to arrive at a current total of $125.3 billion. AMP attributed the rise to positive investment returns.
Overall, the financial services giant confirmed it was confident its wealth management activities, which include financial advice and those in the SMSF sector, would deliver the 10 per cent revenue growth for the organisation they were forecast to achieve.
AMP was also able to prosper from the superannuation reforms, with the company experiencing an increase in non-concessional contributions as clients took advantage of the last days of the previous and more generous caps.
It meant a decreased level of net cash outflows for AMP from $327 million in the second quarter to $243 million in the third quarter.
Commenting on the results, AMP chief executive Craig Meller said: “We have made good progress in the quarter and the business is tracking in line with expectations.
“In Australian wealth management, as expected, cash flows reflect the high level of discretionary super contributions brought forward into Q2 17, ahead of 1 July 2017 changes to non-concessional caps.”
