Accountants want more SMSF clients

Accountants want to grow their self-managed superannuation fund (SMSF) client base by 35%, according to Investment Trends. 

The research house’s latest SMSF accountant report found that while SMSF trustees already comprised 36% of accountants’ total client base, accountants estimated another one-in-eight clients were suitable for an SMSFs, and half of this cohort had expressed an interest in establishing one.  

Investment Trends senior analyst, King Loong Choi, said: “Given the large pool of potential SMSFs, there is a clear opportunity for service providers to help accountants better serve this segment.  

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“To help educate clients and facilitate SMSF set up, accountants want to be better equipped to explain the suitability of SMSFs (52%), and the roles and responsibilities of trustees (49%).” 

The report noted that the top challenges for accountants were regulatory related such as licensing restrictions on providing financial advice (49%), heightened regulation in setting up SMSFs (34%), and compliance obligations (31%). 

“However, many accountants also face issues on the client-facing side, such as competitive pricing/fee recovery (38%) and attracting new SMSF clients (29%),” Choi said. 

The report also found that BGL Simple Fund led satisfaction ratings for specialist software used to service SMSFs by accountants as 35% of accountants rated it as ‘very good’, ahead of Class Super (29%), and SuperMate (17%). 

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