A surge of money has flowed into major platforms as advisers rush to take advantage of the $1 million tax free super contribution into superannuation.
For the month of June, BT's wrap accounts received $2 billion in inflows, compared with last year's June figure of $1.1 billion.
Since I have been in the industry, I have never seen anything like it. For the first time people are coming to our financial planners asking about superannuation as opposed to being told about superannuation," BT Financial Group's head of wrap and wealth solutions Chris Freeman said.
Asgard has also reported large inflows into its platform for the month of June.
The financial services company received $945 million in inflows with $600 million received in just the last week of June.
"This represents a 250 per cent increase in inflows to our business," Asgard general manager distribution- wealth Wayne Wilson said.
"We are expecting total inflows for June to be about $1.5 billion," Wilson said.
Macquarie Adviser Services recorded a 73 increase in its inflows in the three month lead up to June compared with last year. The business secured $15.4 billion into the business compared with last year's figure of $8.9 billion.
"The government's super changes have led to both big increases in inflows and new accounts being opened. Our staff have worked extra hours in the last month to meet this demand," Macquarie Adviser Services head Neil Roderick.
