Following the appointment of managing director Natasha Fenech late last year, AMP SMSF has focused on a new strategic direction which the incoming MD said is beginning to generate traction within the business.
Ms Fenech reiterated that AMP SMSF will be focusing on organic growth, as originally announced by chief executive Craig Meller following the release of AMP’s first-half year results.
“Between ourselves and our 50 per cent joint venture partner Super IQ, we’ve grown our share of the SMSF [admin] marketplace to between three and four per cent over the past two or three years,” Mr Meller said.
“We believe that going forward, our strategy is going to be more focused on organic growth rather than through approaching other administrators and switching them to our IT capability.”
However, Ms Fenech also said further acquisitions are not out of the question for AMP SMSF.
“We’re always looking for opportunities, but we also feel that we need to start making our offers stand up,” Ms Fenech said.
AMP SMSF is re-examining its “go-to-market” strategy and looking at how it can refresh its product offerings, she said.
The business is also looking more towards education, having recently announced the launch of its partnership with The University of Adelaide to produce SMSF-focused research and education.
In addition, Ms Fenech said AMP SMSF is investing heavily in training its staff, and has invested in new roles to support that training capability.
By Mr Meller’s admission, AMP SMSF has experienced a period of modest growth, but Ms Fenech is confident growth will improve.
“We’ve had some really great traction working with accountants especially, in that they see us as partners to their business,” Ms Fenech said.
“That’s something we’ll continue to focus on, as well as all our other channels through our aligned and adviser networks, the IFAs, stockbrokers, and even direct.”
