Low-cost SMSF administrator Xpress Super saw 100% organic growth in the 2016/17 financial year, according to the firm.
Xpress Super says this level of growth was due to increasing demand by SMSF trustees to minimise administration fees.
The SuperGuardian administration group, of which Xpress Super is part, saw overall client base growth of almost 25% in 2016/17.
Olivia Long, CEO of SuperGuardian and Xpress Super, said the group’s decision to grow organically was proving to be a successful strategy, and showed as incorrect suggestions by some that SMSF administration was a ‘sunset business’.
“We expect our growth to continue this financial year (2017-18) as we’re seeing strong demand from smaller accounting practices looking to outsource their SMSF clients given the increasing complexity and compliance around accounting for SMSFs,” Long said.
“SuperGuardian, which boasts 15 years in the administrator market, is also benefiting from its decision to obtain its own AFSL following the removal of the accountants’ exemption. The timing couldn’t be better as we have been inundated with requests for strategic advice due to the superannuation changes.”
“Technology, too, is an area where we’re determined to remain ahead of the market. We’ve recently launched our own App to give Xpress Super and SuperGuardian clients easier access to important updates via their mobile phones or tablets.”
“The fact we have live data enables us to be proactive with our client advice, as any information we need to make regarding strategic recommendations is easily available. Certainly, it allowed us to handle the extensive changes to superannuation last year without a hiccup.”
“Apart from our focus on technology, a key benefit of the SuperGuardian and Xpress Super administrative packages is the flexibility that comes from us being fully independent. We can make decisions quickly and implement change easily as we don’t have the bureaucracy of a large institution slowing us down.”
Long also said that use of Class Super software by SuperGuardian had underpinned significant improvements in efficiency in recent years.