SMSF accountants and advisers need to move towards offering strategic advice and forget about product advice to remain relevant to clients in the future, says BGL managing director Ron Lesh.
Mr Lesh said that with many of the developments in technology and automation in the SMSF space, it will become increasingly difficult for advisers and accountants to demonstrate their relevance.
“The ability for a fund or SMSF to be almost fully automated will certainly be here in a couple of years from now – it’s getting closer and closer and it’s not going to matter what kind of assets clients have [in their SMSF],” said Mr Lesh.
SMSF accountants and advisers need to be performing more of a strategic advice role instead and consider what they can provide to clients to help build their super, he said.
“At the moment, the role of [accountants and advisers] seems to be more focused on doing administration and maybe offering a bit of advice here and there along the way,” he said.
“I think their whole role is going to change because they’re really going to have to prove their relevance.”
Mr Lesh said in around 12 months’ time there are likely to be tools to help people invest and allow SMSF trustees to follow the most successful investors.
“Advisers are going to have to be able to say I can help you more than these tools can help you,” he said.
“[SMSF practitioners] need to forget about product advice and buying this share or that share; it’s all about putting together a strategy for an SMSF to follow and I think that’s where they can be important.”
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 21 Aug 2016Risks flagged with real estate appraisal valuesBy Miranda Brownlee
- 21 Aug 2016Lawyer challenges ATO view on two fund strategiesBy Miranda Brownlee
- 18 Aug 2017ATO locks in details, addresses panic on real-time reportingBy Katarina Taurian
- 18 Aug 2017Data feeds unreliable for new reporting, says mid-tierBy Miranda Brownlee
- 18 Aug 2017Tax component confusion spurs potential tax liabilitiesBy Miranda Brownlee
- 18 Aug 2017Contributions triple in June quarter, survey showsBy Staff Reporter
- view all
- ATO locks in details, addresses panic on real-time reporting
The tax office has addressed several points of confusion with the new events-based reporting regime, locked in key deadlines, and outlined w...read more
- Data feeds unreliable for new reporting, says mid-tier
With an estimated 20 per cent of SMSFs still encountering errors from data feeds, one mid-tier firm believes the ATO should allow SMSF pract...read more
- view all