Research throws up an interesting observation. As much as 84% of SMSF trustees do not have a life insurance cover and in numbers, they come up to about 630,000 couples. So there is definitely an opportunity waiting to be lapped up in the SMSF insurance world.
Investment products
Similarly, there are a lot of investment products which are waiting for their day in the sun. The fund growth rate for the managed SMSF products shot up by nearly one-fifth through FY 13-14. This was quite in sharp contrast to the SMSF growth of 7.9%. AMP, BT, and Commonwealth have done rather well for themselves with the first named coming out trumps in ways more than one, exhibiting a growth of 46%. So the investment product market has to be taken quite seriously from here on.
Retirement products
And talking of opportunities, there is no dearth in the retirement product market either. The market of trustees drawing an SMSF pension may be somewhere in the vicinity of $291 billion. Retail Allocated Pension fund has alone amounted to $153 billion. It may be inferred, therefore, that the opportunities in the Immediate Annuities and the Managed Allocated Pension market are immense.
SMSF industry is charging ahead
From $127 billion in the year 2004 to $576 billion and counting, the SMSF industry has really motored along. It then becomes crucial to tap every possible market that the industry throws up.
