Bendigo Wealth Management is ahead of its three-year targets, as the company continues to look for expansion.
Despite volatility and market pressures, Bendigo Wealth has said funds under management (FUM) for SmartStart super had grown by 200 per cent and that FUM in the company’s Sandhurst Trustees brand has grown to $300 million over the last 12 months.
“We’re ahead of our target of funds under management going into Sandhurst, we’re ahead of our target in terms of retail customers acquiring wealth products and series, and we’ve launched our self-managed super fund solution through a product called SuperAstute,” Bendigo Wealth executive John Billington told InvestorDaily.
“I’m really happy with what’s been going on and I have high hopes for the New Year.”
With company goals on track, Mr Billington said Bendigo Wealth would be looking to further promote its new SuperAstute product in 2013.
SuperAstute was released in September and aims to provide an administration service for self-managed superannuation funds (SMSFs), catering for every aspect of running these types of retirement savings, from establishment to ongoing management.
While the product has been met with a strong client response, Bendigo Wealth has no plans to expand the product at this time.
“Because we’re ahead with all our other benchmarks, we want to take the time to make sure we deliver SuperAstute properly,” Mr Billington said.
“Right now it’s more about gauging the level of acceptance around the product. But for us to already have such large traction with our retail bank customers in such a short period of time is very exciting for us.”
