CoreData’s 2014 SMSF Professionals Report, which surveyed 151 financial planners and 103 accountants, found more than three quarters are anticipating revenue growth of more than 10 per cent over the next three years.
Both financial planners and accountants believe strategic growth is a key source of future SMSF growth, while three quarters of respondents also view client referrals as the top source of new SMSF clients.
CoreData head of financial services Kristen Turnbull said planners need to start building strong referral relationships with accounting businesses that are not interested in becoming licensed to provide SMSF advice.
“Our research on this sector tells us that a substantial portion of the accountant market have no intention of obtaining a licence to provide SMSF services,” said Ms Turnbull.
“By 2016 they will need to find alternative arrangements to deal with existing and future clients with SMSF establishment or advice needs,” she said.
“Planners should be building these relationships today as a foundation for future growth.”
The report also found more financial planners hold specialist SMSF qualifications than accountants, but many accountants don’t believe they are necessary.
“Accountants tend to turn to professional development activities instead, undertaking slightly more SMSF-related PD hours every year compared to financial planners,” the report stated.
“However, there is a strong appetite among accountants for further education, with more than half of accountants intending to obtain SMSF specialist qualifications,” it said.
