The SMSF Academy’s Aaron Dunn has outlined his thoughts on the future of the SMSF sector, predicting the commoditisation of compliance services.
Addressing delegates at the SMSF Strategy Day in Sydney last week, Mr Dunn said he believes SMSF compliance services will become “largely commoditised”, predicting a price drop of approximately 30 per cent.
Mr Dunn said he also believes strategic advice will dominate the SMSF advice landscape and that specialist SMSF service providers will establish approximately 70 per cent of all new funds.
“Specialist coaches will become a common feature of the advice framework, dealing with self-directed trustees on a needs basis,” Mr Dunn added.
SMSF administration businesses which focus purely on compliance-based work will also become “rare”, Mr Dunn said, with most providing value-added services such as advice to stem revenue loss.
“Time-based billing for SMSF compliance will be non-existent, with package-based fees [and] fixed pricing,” he said.
“Offshore labour for advice, administration and audit will become common to retain profit margins,” Mr Dunn added.
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