There are now over one million SMSF members controlling approximately $550 billion of Australia’s superannuation assets, and SMSF practitioners provide a range of compliance and investment services to this ever-growing group of investors.
The SMSF advice community is a unique pocket of the financial services space. Rather than one profession dominating services given to SMSF trustees, SMSF practitioners comprise of accountants, financial planners, lawyers, administrators, auditors, and many others.
A landmark survey indicates the SMSF sector is increasingly becoming a popular “hunting ground” for future revenue growth for advice practitioners, with over 40 per cent of respondents expecting growth of up to 25 per cent.
In fact, for approximately a third of respondents, the SMSF sector will be aggressively targeted for revenue growth with growth levels expected to exceed 50 per cent.
With no signs of SMSF take-up rates declining, SMSF practitioners are understandably bullish about the business opportunities the SMSF sector poses.