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Iress bolsters super segment
Iress is seeking to build out its superannuation teams as it bolsters this business segment.
In its financial results earlier this year, the fintech firm said it had seen 20 per cent growth in revenue from superannuation in the first half of 2023.
Operating revenue in super rose from $23.6 million in the first half of 2022 to $28.3 million in the first half of 2023, a rise of 20 per cent.
“Superannuation at Iress is a growth business,” said Paul Giles, chief executive of superannuation at Iress.
“We are scaling and optimising our resources and technology, especially our core registry system, Acurity, to meet the growing pipeline of work and scale of demand for our software.
“It’s an exciting time at Iress and we are keen to be able to work with superannuation funds to optimise the use of our digital-first technology to deliver efficiencies that reduce the cost to serve to members and improve retirement outcomes.”
Giles was appointed as CEO of the division in April as part of a strategic review while James Sinclair was appointed in July to head up growth and partnerships.
Iress’ super administration technology includes fund registry, digital member portal, digital advice solutions, and fund administration services.
He described the firm as a committed partner to support Australia’s retirement partners, adding: “To do this we need to expand our Australian-based expert-led support team.”
Reflecting on the Quality of Advice Review (QAR), which expands the scope of advice to super funds, Giles noted this is a promising opportunity for the firm.
“The QAR measures present an opportunity for the superannuation industry to embrace different ways of delivering advice and make it more accessible for superannuation members. We are actively contributing to the consultation process and looking at opportunities to develop new software products that empower superannuation funds to deliver on QAR,” he told Super Review.
In its half-year results, Iress reported underlying EBITDA of $59.5 million. According to CEO Marcus Price, it was making excellent headway with its transformation initiatives, but the results didn’t reflect the firm’s long-term earnings potential.
“We remain acutely focused on completing the next steps with a view to delivering FY24 exit run-rate underlying EBITDA 20–30 per cent higher than FY23,” Price said.
AUTHOR
Rhea Nath
Rhea L Nath is a journalist at Money Management and Super Review, with a focus on financial advice, investments, funds management, and superannuation. Previously, she covered small business and entrepreneurship news at Dynamic Business and multicultural issues at Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.
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