Class releases SMSFs benchmark report for June 2016
The developer of Class Super and Class Portfolio has now released its June 2016 SMSFs report, publishing an overview of data about SMSFs and administrators and analysis of smaller balance funds.
The report analysed statically 110,000 plus Self Managed Super Funds, which is administrated by Class Super, that represents 19.2% of the estimated 577,236 in Australia today. The data used is compiled using a selection of de-identified data extracted from across the Class Super user base.
Class CEO, Kevin Bungard, commented that the first SMSF Benchmark Report published last quarter was “extremely well received across the industry” and includes informative analysis of lower balance funds was “an informative exercise, with insightful findings that bring clarity to recent industry discussions around the cost effectiveness of smaller balance funds over time” Mr Bungard said.
Funds with balances of less than $50,000 were reviewed and the report found that many SMSF’s would come and go from the bracket in about 2 years showing a high turnover. However, it is incorrect to assume that funds with low balances are sitting around for many years paying ongoing high fees.
Class was established in 2005 to develop and deliver industry strength software solutions for the Australian self-managed superannuation industry. Class Super is Australia’s leading cloud SMSF administration software and Class Portfolio is a powerful solution for administration and reporting of non-SMSF investment portfolios.
Written By Camila Griifn