Class Super now has 25% SMSF market share

Class Super now has 25% market share, based on an estimate 598,000 SMSFs, up from 24% as at the end of the 2016/17 financial year, according to the latest Class Ltd Quarterly Shareholder Update.

Class Ltd has also passed the 150,000 account milestone, counting Class Super and Class Portfolio, across 1,204 customers. The number of Class Super accounts increased by 6,323 to 146,922. 28% of Class Super customers also use Class Portfolio, which saw growth of 12%, to 3,631 accounts.

“SMSF accountants continued to be impacted by the implementation of Super Reforms. Class achieved a very high win ratio for customers moving to the cloud, but many potential customers deferred their decision resulting in lower than expected accounts growth for the quarter,” said a statement from Class Ltd.

“We strongly recommend that accountants move to the cloud now rather than waiting until after the second wave of Super Reforms, as further delay could make compliance more difficult, and we have recently launched several marketing campaigns to get this message across.”

“As well as decision deferral, Super Reforms are also driving industry consolidation, especially at the smaller end of the market. This quarter 12 customers assigned their licences to larger Class customers and we expect to see further consolidation over the next 12 months.”

Class Ltd will be holding its AGM on 16 October in Sydney.

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