Specialisation no guarantee of business success: Dunn
“Hanging your hat” on being an SMSF specialist is no guarantee for success in an SMSF business, according to the SMSF Academy’s Aaron Dunn.
The continued growth of the SMSF sector has seen an increasing number of professionals enter the sector to provide products and services to trustees, Mr Dunn told SMSF Adviser.
This increase in interest is resulting in professionals seeking a “specialist path” to support the growing demand for advice and services around SMSFs, he added.
“Within this growing market, it is important for you to consider what your SMSF business model should actually look like - one that creates, delivers and captures value,” Mr Dunn said.
“Just ‘hanging your hat’ on being a SMSF specialist is no guarantee for success in your business. In my view, this is only a part of the story.”
Mr Dunn indicated it is important, for example, that practitioners define who their most important clients are, once they have understood the broader SMSF market.
“Once you have a better understanding of your target SMSF client, you can start to focus on the value that you intend to deliver,” Mr Dunn said.
“For many businesses already carving out a healthy niche within the SMSF space, they are already working through many of key issues for continuous improvement within their respective client segment offers,” he added.
“If you see SMSF as a key part of your business into the future, make sure you understand and build an effective SMSF business model.”