SMSF Advice Opportunities Abound
I was speaking with a financial planner working in a CBD Practice recently. He has been tasked with managing an existing relationship with an Accounting Firm. This relationship has been ongoing with the Practice for a number of years, however was not as active as it could be.
Our financial planner asked for some help in how they could work together more closely with the Accountants. We discussed the profile of the clients of the Accounting practice. Over the years the Firm had built up a significant number of clients with SMSF arrangements, which were administered by the Firm.
To help us look at the opportunities for advice with SMSF trustees I remembered an excellent report published in 2017 by the Commonwealth Bank & the SMSF Association.
“In this report, Commonwealth Bank and the SMSF Association chart the changing face of self-managed super funds and ask how advisers and the finance industry can best support the evolving needs of Australia’s most dynamic superannuation sector.
CommBank, in partnership with the SMSF Association, has undertaken in-depth research to better understand the dynamics of the SMSF market, with a specific focus on current SMSFs, their advice needs, and their financial decision making behaviour”.
The research has identified four typical SMSF Investor profiles:
- The Outsourcer – “I’d rather someone else do it.”
- The Coach Seeker – “I’d rather do things myself, but I am looking for someone to help me.”
- The Self-Directed Investor – “I’m interested in it and I like doing it myself.”
- The Controller – “I’d rather do things myself, but I need information to support my decisions.”
The top seven services sought from independent financial planners included:
- Investment and asset allocation strategy
- Specific investment products or companies
- Retirement planning
- Pension strategy and management
The report provides a lot of information around the four investor profiles mentioned. The bottom line is that there are a lot of advice opportunities for financial planners in this sector.
Our financial planner has been working through the report and is now far more informed to be able to collaborate with Accountants to providing a broad range of advice services.
Do you have someone to work through your strategy in providing advice in this sector?
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