‘Huge’ requirement for SMSF advice imminent
An enormous volume of work will be ready for those SMSF professionals who are prepared for it, according to one high-profile consultant. However, those who ignore key trends and opportunities in 2017 will be “very much” left behind.
The SMSF Academy’s Aaron Dunn says the next six months will be “pivotal” for SMSF professionals who are on the front foot and actively identifying and grasping business opportunities.
The spate of superannuation reforms, while a challenge for the industry, present a significant opportunity for specialists in particular, Mr Dunn believes.
“There will be a huge requirement for advice in the next six months,” he told SMSF Adviser.
“Advice has always been required, but we have an enormous number of SMSF members that will need advice specific to their circumstances.”
As a result, Mr Dunn believes the gap between generalist and specialists in the SMSF space will widen, with specialists better equipped to deal with the likely significant restructuring that will be necessary for some clients.
He said accounting firms that have yet to get their licensing arrangements sorted may struggle to attract and retain clients with SMSFs in need of attention.
“For those who are not prepared, there’s not much they can complain about. It’s time to take the bull by the horns and make hay while the sun shines.
“Those who have planned will move into 2017 with a strong strategy between now and June 30, and they will have a great year.”