CoreData’s 2014 SMSF Professionals Report suggested financial planners should be capitalising on accountants’ sentiments towards becoming licensed to give SMSF advice.
“By 2016 [accountants] will need to find alternative arrangements to deal with existing and future clients with SMSF establishment or advice needs,” said CoreData head of financial services Kristen Turnbull.
“Planners should be building these relationships today as a foundation for future growth.”
The research also found that a majority of respondents believe strategic advice services will be the biggest contributor to future business growth.
“Strategic advice is seen as by far the greatest source of future SMSF revenue growth, as cited by the majority (55.3 per cent) of accountants and two in five (40.4 per cent) financial planners,” the report stated.
It also stated that three quarters of respondents view client referrals as the top source of new SMSF clients.
“Interestingly, referrals from external accountants is cited by more than half of planners as a future source of SMSF clients,” the report said.
The report also found more financial planners hold specialist SMSF qualifications than accountants, but three quarters of accountants believed the qualifications are not necessary.
“The needs of SMSF trustees are often unique and complicated in comparison to the average super fund member, so it stands to reason that professionals servicing the sector should have appropriate qualifications and experiences,” said Ms Turnbull.
In addition, financial planners were found to be more “bullish” on SMSF revenue growth than accountants, with more than three quarters of planner respondents anticipating revenue growth of more than 10 per cent.
Is the glass half full or half empty? I think the people / advisers in any practice should work harmoniously together, within the guidelines provided by the regulator.
SMSF is a huge opportunity. Lets stop the squabbles and get on with the job!
Absolute rubbish. To say that the accountant should refer ALL clients to a financial adviser as soon as SMSFs, TTR, Pensions, LRBA’s etc are mentioned is a good idea is ridiculous. Do you think accountants are going to be happy to tell their clients they can’t talk to them about any of this and to keep their mouth shut? Furthermore, to then say that the strategic advice is seen to be the greatest source of future revenue growth after saying accountants should refer all of this out is crazy. The accountant is the trusted adviser and needs to protect their business and grow their revenue through the provision of strategic advice. They need to get an appropriate strategic authority that will allow them to have the conversations they want without being caught up in product and who will show them how to transition to licensing successfully.
Any Hanger-on who even bad mouths an Accountant I have chosen for whatever I choose him to do (let alone tries to prevent him operating does so at their peril as far as I am concerned.
Accountants are the true Professionals & should be the recommenders if & or when specialists are required
I’ve been a non Accountant Professional for >45 years.
I have long had the view that accountants are the pivot around which people’s financial affairs should turn. Financial planners, lawyers, valuers, mortgage brokers, finance brokers, estate agents and other professional advisers are the supporting acts and should remember that.