It was pretty big news in SMSF circles today when SuperConcepts announced they had bought More Super.
SuperConcepts (AMP) is probably the country’s largest SMSF administrator. Perhaps not surprisingly given the dollars at their disposal, the AMP business has everything – they own their own software (SuperMate), offshore processing operations, multiple SMSF administration brands, financial / investment products (via the AMP business), Australian financial services licensee for accountants (SMSF Advice), financial planning network and no doubt many other components I haven’t even imagined.
More Super just adds “more” to an already big story. Compared to others in this industry it was already a sizeable business and when combined with AMP the result is just … huge.
But there is one fascinating thing about the SMSF industry that this change highlights : even in an environment where the largest one or two players dwarf everyone else, AMP still only administers around 5% of the country’s SMSFs