Having the confidence and knowledge to implement appropriate strategies for SMSF clients has never been more vital or lucrative for SMSF practitioners
Estate planning has generally been an area overlooked by the accounting and financial advice industry, as generating revenue from the service in the past was often perceived as a challenge.
Historically, estate planning services offered minimal commissions for accountants and planners and was consequently considered a non-viable service offering by many in financial services. However with the advice industry now operating on a fee-for-service basis, SMSF practitioners are increasingly seeing its value and are also more aware of its importance.
Despite this, however, a large number of practitioners still lack the confidence or knowledge required for establishing SMSF estate planning strategies for their SMSF clients or don’t comprehend the benefits of offering the service.
Townsend Business and Corporate Lawyers principal Peter Townsend says while financial advisers and accountants now have an opportunity to chase their clients to organise their estate planning a little more aggressively, “they haven’t really got into the driver’s seat in the way that they could have”.
To read the entire article, please click here.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 17 Aug 2017Industry questions ATO’s capacity for new reportingBy Miranda Brownlee
- 17 Aug 2017Qld succession law changes tipped to impact SMSFsBy Miranda Brownlee
- 16 Aug 2017Contribution limits restricting future balances, warns mid-tierBy Staff Reporter
- 16 Aug 2017SMSF firms underprepared for events-based reportingBy Miranda Brownlee
- 15 Aug 2017SMSF auditor disqualified for misconductBy Staff Reporter
- 15 Aug 2017Class gains market share in financial year resultsBy Staff Reporter
- view all
- Industry questions ATO’s capacity for new reporting
With events-based reporting set to generate huge amounts of data, concerns have been raised about whether the ATO’s systems will be able t...read more
- Contribution limits restricting future balances, warns mid-tier
Clients hoping to accumulate a superannuation balance of $1.6 million by age 65 will need to start taking full advantage of concessional con...read more
- SMSF firms underprepared for events-based reporting
A straw poll has revealed that the majority of SMSF firms currently feel their firm is not equipped to deal with the proposed events-based r...read more
- view all