Accountants pursue SMSFs in fight for fees
New research has revealed that nine in 10 accountants have growth as an immediate or short-term focus, and SMSF services are in their sights to attract new clients.
Bstar’s 2017/18 Accountants Research Report, conducted in partnership with BT Financial Group, shows areas of highest concern for accountants include attracting high-value business clients, as well as fee growth and profit returns.
Of the respondents, 73 per cent said the need to grow was an immediate focus, while 18 per cent said it was a short-term focus.
A significant number of respondents were not happy with their practice profitability, with four in 10 rating their own profitability ‘not so good’.
Bstar chief executive Grant Bloxham told SMSF Adviser accounting practices see SMSF services as specialist growth services, to both broaden their service offering and attract ideal clients.
“Practices that are licensed to provide these services are fully aware of the low number of licensed practices and are leveraging this opportunity by establishing a standalone SMSF division within their practice to create a point of difference and grow their financial services fee revenue,” Mr Bloxham said.