Accountant-planner relationship needs to evolve

28 May 2019
| By Oksana Patron |
image
image
expand image

The accountant-planner relationship is evolving to better serve self-managed super fund (SMSF) trustees and demonstrating SMSF expertise will be key, these were the highlights from Investment Trends’ 2019 SMSF Accountant Report.

Accountants would need to expand their value proposition as SMSF trustees who had traditionally relied on accountants for their expertise to set up their fund were now looking at SMSF admin firms as well.

Also, a growing number of the accountant practices were to employ in-house planners (48 per cent, up from 41 per cent in 2014) instead of referring their clients externally (25 per cent, down from 36 per cent).

“Accountants with in-house expertise have had greater success in servicing SMSFs than those who refer clients externally. Currently, those with in-house planning expertise typically service more SMSF clients (71 versus 45) and derive a larger proportion of their income from SMSFs (22 per cent versus 19 per cent),” Investment Trends’ senior analyst, King Loong Choi, said.

Additionally, among SMSFs looking for a new adviser relationship, their top selection criterion was an advisers’ expertise in SMSFs (46 per cent), ahead of integrity (42 per cent), low fees (38 per cent) and value for money (35 per cent).

According to Choi, an SMSF accreditation from a professional association could help assure clients of their ability, while at the same time equip them with a tangible qualification and knowledge.

Class Super topped the satisfaction ratings as for software used to services SMSFs, with 95 per cent of accountants who used the software rated it as ‘good’ or ‘very good’ overall, and ahead of BGL Simple Fund 360 which ended in second spot (89 per cent).

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago