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Praemium targets SMSF growth
Platform providers Praemium are targeting a 10 per cent share of the Australian self managed super fund (SMSF) market in the next three years from its current level of four per cent of SMSFs administered, according to group chief executive Arthur Naoumidis.
Praemium will try to attract an increase in SMSF business through a combination of changes to the group’s V-Wrap platform, positional product changes, changes to the investment register and improvements to the interface with the compliance software, Naoumidis said.
One of the most important aspects of Praemium’s push into the SMSF market will be its SMARTwrap product, which will allow the group to target the remaining 90 per cent of the market rather than just clients who are wealthy enough to invest directly in wholesale or direct equity products, Naoumidis said.
With incoming fiduciary duty requirements advisers would have to justify putting clients into a product that cost twice as much as SMARTwrap, Naoumidis said.
AUTHOR
Mike Taylor
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