Welcome to the Mclowd Community Newsletter.
Yesterday, AMP confirmed to SMSF Adviser that it had acquired SuperCorp and SuperIQ and also advised Class that it intends to cancel its licence agreements with Class and move the SMSF portfolios from Class to the acquired competitor.
Setback for Class Ahead of IPO – SMSF Adviser Nov 3 2015
As per the above quote AMP recently announced the acquisition of two SMSF technology companies:
At the same time as they made this announcement AMP confirmed that it was terminating its licensing arrangement with Class Super (under which it leverages Class software to support approximately 10,000 funds).
For AMP the equation was quite simple:
- Continue to ‘rent’ the Class software for nearly $2 million per annum
- Access equivalent technology via acquisition (and thereby reduce marginal cost to zero)
Accounting Platform Update
The accounting software is now evolving in real time based on day-to-day collaboration between users (both trustee and practitioner) and the development Team.
After an extended delay we have also now scheduled the work necessary to complete integration with Macquarie CMA. Release expected early in the New Year.
Mclowd has now partnered with life insurance specialist PayBySuper.
PayBySuper provides an innovative portal through which SMSF trustees can arrange life insurance at very competitive rates.
Commenting on the alliance David Denison said: “PayBySuper is driving down costs within the life insurance sector in the same way that Mclowd is reducing the cost of SMSF administration, so it’s a great fit. We look forward to providing the Community with competitive and customised pricing for their life insurance needs.”
The Community is now seeing the early stages of an ecosystem develop.
There are more than 100 service providers registered in the Mclowd Marketplace, with the following products also being provided by third parties:
- Actuarial certificates
- Trust deeds
- SMSF education
- Investment strategy review
- Investment products:
- Managed share portfolios
This process of evolution will continue around the core accounting software, access to which is (and will always remain) free.
Lunch ‘n Learn
We will be holding our last Lunch ‘n Learn Session of the year on Tuesday December 1st. Trustees and practitioners both welcome.
Individual trustees collectively manage far more SMSF assets than AMP (across tens of thousands of funds).
As such they have an even greater incentive to dis-intermediate incumbent software vendors such as Class and BGL.
However co-ordinating contributions from that many trustees would have been unrealistic. Fortunately Mclowd is driving the collaboration process, and in doing so providing trustees with access to SMSF administration software at zero marginal cost.
Mclowd Pty Ltd