For the past three years, millennials now aged between 35-44 years, have become the largest cohort of all the age groups establishing SMSFs. New funds established by millennials now account for almost 30% of all new SMSFs established during FY22. Additionally, the average age of people establishing SMSFs has decreased from 51 to 46 years.

The research also found that as well as making more concessional and non-concessional contributions, during FY22 women made 15% more downsizer contributions than in FY21. Additionally, since 2017 female balances have grown faster than males, outperforming them by 4% whilst female balances as a percentage of male balances have increased to 84% from 80%.

Class Chief Executive Officer Mr Tim Steele said the findings demonstrate more Australians are choosing SMSF’s to help them meet their retirement objectives.

“The Class Annual Benchmark Report shows the SMSF sector continues to grow as millennials become more engaged and interested in their financial future. Recent changes in both Superannuation and SMSF legislation have made it easier for people to make additional contributions, whether its from the proceeds of selling a home or through the carry-forward rule of unused concessional contributions. All these options can be a great way to grow balances faster.

“The upward trend in SMSF establishment is good news for Class customers who are seeking out opportunities to grow their businesses. We are committed to continuing to work with our partners and customers to deliver products and solutions to enable them to service these growing customer segments.”

Class General Manager of Growth Jo Hurley said it’s an exciting time for the SMSF sector, and she is looking forward to working with Class customers and partners to further grow the market.

“It’s encouraging to see females and millennials lead the way in new fund establishments and adopting proactive contribution strategies. It’s clear that the profile of SMSF members is changing. New members are younger, more tech savvy, and looking for options that support them in their retirement by giving them more choice and flexibility. We have seen a real increase in the visibility of SMSFs and the benefits they can provide for customers, and this is translating into growth for the industry.

“The report sends a positive message that women are taking action to create more financial freedom for themselves and looking for ways to get ahead. It’s great to see the rise in concessional and non-concessional contributions being made to boost their super balances, Ms Hurley said.

“We know financial services can be daunting. So, if you’re thinking about establishing an SMSF, it’s important to seek out expert professionals that can work with you to find the best solutions to meet your retirement objectives.”

Growth of the SMSF sector continues with SMSF’s now comprising 26% of the $3.4 trillion Superannuation sector.

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Mr Steele said: “Having participated in the interview process in recent weeks, I am delighted to announce several key appointments to the Class leadership team as we embed our new operating model led by a passionate, innovative and customer focused leadership team. The appointments are testament to the capability we have within Class as well as our ability to attract great talent to our business.”

Under the new operating model business lines are now aligned to Class and NowInfinity client propositions with responsibility for the support of HUBconnect offers now transitioning into the Class business. Three of the four new General Manager appointments have had previous roles within Class and are internal promotions.

Gary Cox, previously Head of Business Services, has been appointed General Manager, Class responsible for the delivery of customer service excellence across the Class suite of products – Class Super, Class Portfolio and Class Trust.

Tracy Williams, previously the company’s Head of Operations, has been appointed General Manager, NowInfinity to focus on the delivery of, and accountability for customer support and solutions.

Tom Sargent, previously the company’s Head of Technical Services, has been appointed to the role of General Manager Data/HUBconnect to develop and deliver data solutions that will enable efficiency and growth for our business partners and support the delivery of HUBconnect offers in market.

Jo Hurley joins Class as General Manager, Growth, leading a team that will focus on supporting our current customers and partners and as well building relationships and propositions for new customer segments. Ms Hurley is a highly respected SMSF expert and entrepreneur with deep experience and well established SMSF industry relationships.

Panos Alexandratos who has played a key role in the leadership team at Class for the last eight years will continue to drive the development and delivery of Class’s suite of products and services in his role as Chief Solutions Officer.

“The new appointments will position our business and our people to deliver on our strategy, including focussing on our core SMSF capabilities and enhancing our market-leading solutions. We will be working closely with our colleagues at HUB24 to develop innovative solutions that deliver great outcomes for our customers and collaborating with industry partners to grow the SMSF market,” Mr Steele said.

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Ms Hurley has been appointed business development manager for the fast-growing Victorian-based business. Earlier this year, Seamless SMSF signalled ambitious growth goals, setting its sights on penetrating the financial planning market to reach 30,000 funds by 2022.

This appointment signals Jo’s return to the SMSF industry after previously announcing she was taking a career break from her role as SMSF Assurance and Advisory Partner for the big four firm Deloitte in February 2018. Jo is a long-term industry leader with almost 25 years of experience in the SMSF sector. She has a proven track record in rapid business growth, making her an exciting addition to the Seamless SMSF sales team.

Jo is best known for her success as CEO and founder of the SMSF audit business ENGAGE that was acquired by Deloitte in 2015. Under her leadership, the business grew rapidly from a small regional start-up to one of Australia’s largest independent SMSF audit providers, winning a host of awards.

Seamless SMSF CEO Mike McHenry says he is excited to welcome Ms Hurley to the team as part of the business’s long-term growth strategy.

“First and foremost, Jo is a terrific person who will be culturally in tune with our business.  She is driven, professional, sets high standards, respectful and has a lot of fun in the way she goes about things. To have a person so well regarded in the SMSF industry join our team is exciting given the ambitious targets we’ve set ourselves.

“In such uncertain times, taking an aggressive approach to access accounting and financial planning firms that need our help requires the right people.  Jo working in our amazing sales team will be great for the business and clients.”

Commenting on her new position, Ms Hurley says: “I am excited to be returning to the SMSF industry, and proud to be joining such a high quality and talented team. Seamless SMSF is an outstanding business and Australia’s leading SMSF administration and audit firm. I am really looking forward to helping the business achieve significant growth and success.

“Following the sale of my business, I felt it was important to take time out to consider my next career step. I have always had a strong drive to make a positive contribution to the SMSF industry, enjoying the opportunity to work with like-minded people with a similar passion to change our industry for the better.

“I am really impressed with the culture and values Mike has instilled in the Seamless SMSF team, and this role represents the perfect opportunity for me to return to an industry I know and love.”

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