SMSFs move towards non-aligned platforms
Most institutional platform providers have lost self-managed superannuation fund (SMSF) ground compared to their non-aligned peers, especially Praemium, HUB24 and netwealth, according to a report.
Class' SMSF September quarter SMSF benchmark report found the exception among the institutions was BT as it was able to build on its leading position and grow from 41 per cent to 46 per cent of all platform assets.
Excluding BT, institutional platforms saw their share of platform assets drop seven per cent to 40 per cent.
The report also found that slightly less than one in five SMSFs used platforms and this had remained relatively stable for the past two years.
However, the proportion of assets these funds held on the platform had actually increased since 2014 (up three per cent), suggest that predictions of the imminent demise of platforms in the SMSF market were premature.
Class chief executive, Kevin Bungard, said the investment market was developing rapidly as competition intensified but so were the platforms with the growth of managed accounts.
"Class has long recognised the importance to our clients of supporting platforms, such as through the implementation of live data feeds and the integration of platform product providers," Bungard said.
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