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  • Luis C

SMSF trustees are turning to Accountants for advice?

I was reading a short article produced by SMS Magazine and it highlighted that recent research conducted by CoreData has indicated that #SMSF trustees are increasingly turning to their Accountants for advice in relation to running their fund.

In my mind, this could partly or even largely be a symptom of the turmoil that the advice industry is facing in light of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. By and large, I believe this turmoil is being caused by the very few less scrupulous members of the industry, much to the detriment of those great Advisers preparing great advice for their clients.

I'm probably being too honest in saying that I also believe that most Accountants don't really want to become Advisers in a real hurry. It's all a bit too complex to be a bit of both, (that is, an Accountant and also an Adviser) given the regulations, education requirements and time constraints. This doesn't mean to say that Accountants don't want to help. Far from it. They do want to help, but their hands are tied.

Unfortunately, it all seems to be pointing towards more clients who have advice needs and they are being unmet. Hence, the huge missed 'SMSF opportunity' as alluded by SMS magazine.

When the trustee approaches the Accountant for advice, in my opinion, the Accountant needs to refer that client to their trusted Adviser partner. It's not giving away the client. Instead the client will appreciate that you are placing them in the hands of a quality Adviser. They trust you to look after them, and pointing them in the right direction is a part of that.

I'm a firm believer that being a generalist is not sufficient when it comes to being an Accountant or an Adviser. You have to know what you are great at, and be brave enough to refer to other specialists when it's required. Putting this all together, it could be that more specialist partnerships need to be developed across the finance industry in order to service clients and keep them really happy.

Would anyone like to share their thoughts on where they believe the finance industry is heading?

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