Class Super market share now over 19%

Class Super, Class Limited, Class conference 2016 Gold CoastClass Limited estimates that it has a SMSF software market share of 19.2%, as at 30 June 2016.

This is up from 16% market share a year earlier, and based on an estimated 576,000 SMSFs.

Class said that billable portfolios had increased by 10,475 in the June 2016 quarter – a record, and ninth consecutive quarterly increase – to 112,441 portfolios. This includes 110,614 of Class Super and 1,827 of Class Portfolio.

June 2016 was also a record month, with 5,081 portfolios added, “aided by the signing of the Findex group”.

“We also had a record 6 months with 15,804 portfolios added and a record year with 30,618.”

Class downplayed the impact of proposed changes to superannuation on the business.

“Class charges its customers on a per portfolio basis, not on the overall fund balance, so the size of the fund has no impact on the fees we charge.”

“Also, should fund members with higher balances choose to invest outside of superannuation, this may result in an increase in demand for Class Portfolio, our accounting and reporting solution for non-super investment portfolios.”

Class will also be releasing a quarterly Class SMSF Benchmark Report.

“Class believes it is important for our customers and other participants in the industry to have access to timely and factual data and key metrics about their industry, their peers and the SMSFs they service.”

“The Report is compiled using de-identified data extracted from across the Class Super user base, providing an up to date view across a significant portion of the SMSF sector.”

Class Limited will be holding its second annual conference on the Gold Coast from the 2nd to the 4th of August.

“The event will deliver critical business and technology insights to accountants and advisers, an excellent networking platform and the opportunity to meet with a wide range of Class business partners.”

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