Funds under administration for SMSFs dropped from $26 billion at the end of the March quarter to $23.8 billion at the end of June. SMSFs currently comprise 25 per cent of total funds under administration on the platform, which has remained steady over the past 12 months.

The number of active advisers using the platform increased however, jumping from 5,922 up to 6,158 at June 2022. Active accounts also rose, increasing from 232,042 to 237,283 at the end of June.

BT Financial Group chief executive Matthew Rady said the June quarter had experienced some of the sharpest market falls with the MSCI global shares index experiencing its biggest first half year drop since inception.

“Market volatility across equity and bond markets escalated during the June quarter, which was reflected in super and investment performance, resulting in negative one-year returns,” said Mr Rady.

“Australians have had a change of government, and are feeling the impacts of inflationary pressures, interest rate hikes, and ongoing geo-political tensions.”

Amid all of this, Mr Rady said advisers have played a critical role in assuring clients that it is time in the market, not timing the market, that counts over the long term.

“While our industry has been under pressure, with adviser numbers reducing, we have the responsibility and the privilege of having more than 6,000 active advisers using BT Panorama, the largest number of adviser relationships in the industry, with 40 per cent market share,” he said.

“That’s why we are focused on redefining what it means to be a platform provider in Australia — continuing to build our tech capability as we look to move to the cloud, leverage AI to drive back-office efficiency, and provide high-quality service, education, and support.”