The SMSF Professionals’ Association of Australia (SPAA) and Macquarie have released the 2014 SMSF Service Model Report, which surveyed 292 SMSF service businesses.
The report found three-quarters of SMSF businesses began in accounting or financial planning, but those distinctions have become blurred as firms have diversified.
SPAA chief executive Andrea Slattery said the report indicates the SMSF industry has gone beyond the traditional services of financial planning and accounting.
“They now offer a range of services such as general insurance, estate planning and legal advice, administration and mortgage and broking advice,” said Ms Slattery.
“The significant growth in professionals who have specialist backgrounds from a range of industries and professionals highlights the new business opportunities through diversification that can be achieved,” she said.
Macquarie Banking and Financial Services Group executive director Peter Shepherd said SMSF service providers have had to adapt their business model to maximise opportunities.
“SMSF practice owners and principals benefit from regularly reviewing their business model to determine how they can be driving new efficiencies and achieving greater success,” said Mr Shepherd.
“Providing more service offerings to clients helps SMSF practices capture a larger share of business, which can ultimately hep to increase revenues and profits.”
Ms Slattery explained that firms over the next 12 months will look to integrate new service offerings, with estate planning a core area for ageing SMSF clients.
“To acquire new business and integrate additional services into their businesses, SMSF providers are increasingly using a wide variety of techniques,” she said.
