Meeting client interest in SMSF
Accountants are bullish about the SMSF sector according to the recently released “2020 SMSF Accountant Report”, with surveyed accountants reporting an opportunity to grow their SMSF client-bases by 35%, increasing from an average of 129 funds to 174 funds per firm. This latest Investment Trends sector research indicates that accountants continue to experience a steady level of interest in SMSFs among their existing clients. While SMSF trustees already make up an average of 36% of a firm's client mix, accountants still estimate a further one in eight of their clients are suitable for an SMSF and have not yet established one. Furthermore, at least one in four of such clients have already expressed interest in establishing an SMSF, according to the research. So what is holding accountants back from growing their SMSF practices? The Report indicates that the most common challenges include:
licensing restrictions on providing financial advice (49%),
heightened regulation in setting up SMSFs (34%),
compliance obligations (31%),
competitive pricing/fee recovery (38%) and,
attracting new SMSF clients (29%).”
While the survey suggests that many existing clients have expressed an appetite to establish an SMSF, they would benefit from:
explanations and assistance towards understanding whether a SMSF is suitable for their purposes or not,
further education on how to set up an SMSF, and
support in understanding the roles and responsibilities of trustees.
Successful firms have supported their clients in making these decisions through providing informative brochures, explanations during Year End planning meetings and running client seminars on Self Managed Super. Need SMSF resources? If your firm is focused on building its SMSF client-base, get in touch with Saul SMSF so that your clients will have a high quality and independent SMSF auditor, that will protect your brand, build economies of scale and profitability in your firm.
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