“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.”
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 22 May 2017ATO sheds light on LRBA reporting requirementsBy Miranda Brownlee
- 22 May 2017Software provider releases super reform-focused servicesBy Jotham Lian
- 22 May 2017ATO poised to ramp up focus on key compliance areaBy Katarina Taurian
- 22 May 2017Caution advised on ATO’s new super balance toolBy Katarina Taurian
- 19 May 2017SMSF real-time reporting slated for FY2018-19By Miranda Brownlee and Katarina Taurian
- 19 May 2017Lawyer points to benefits of AFCA for SMSFsBy Miranda Brownlee
- view all
- Software provider releases super reform-focused services
BGL has announced the release of services, designed to deal with the 2016-17 superannuation reforms, that will help clients tackle the new C...read more
- ATO poised to ramp up focus on key compliance area
With 8 per cent of funds failing to meet their lodgement obligations for the last two years at least, the ATO is set to up its compliance fo...read more
- view all