Class Ltd sees record account growth for a March quarter

Class Ltd saw record March quarter account growth, adding 6,102 accounts to its Class Super and Class Portfolio products – taking the total to 164,255, according to its quarterly shareholder update.

4,885 of the account growth was for Class Super, which had 158,938 accounts at the end of the quarter.

“This growth was helped by clients who signed up under the Q2 ‘Better move’ campaign and continue to load their SMSFs onto Class Super,” said Class.

The announcement to the market said AMP continues to migrate accounts off of Class. At the end of the March quarter AMP had around 8,800 SMSFs still on Class, which says account growth would have been around 7,000 for the quarter “were it not for AMP’s migration”.

Class customers grew by 25 – to 1,316 – in the quarter, the slowest growth for the March quarter over the last five financial years. Though the customer growth in the preceding December quarter was the highest of any quarter over the same period.

Class Portfolio accounts grew 30% to 5,317, with 30% of Class Super clients also using Class Portfolio.

“The Q3 Class Portfolio ‘Profit. Ability’ campaign received a strong response, with 1,217 portfolios added via a mix of cross-sell and new business. The campaign has also generated a healthy prospect pipeline which is expected to drive sales activity through Q4 and into FY19.”

Class said it would soon release its SMSF Benchmark Report for the March 2018 quarter.

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