APRA statistics have recently shown that the SMSF sector remains a substantial component of the superannuation industry, with it being nearly a quarter of the $3 trillion in total super assets nationwide.
However, growth in the SMSF market has declined to a decade low, with Australians opting for traditional superannuation funds over setting up an SMSF.
This has led to the annual establishment of new SMSFs falling from a high of 40,000 in 2012 halving to 20,000 in 2019.
Despite the fall in new SMSF accounts, the latest research from Investment Trends shows that accountants want to grow their role with SMSF trustees.
Investment Trends senior analyst King Loong Choi noted that dwindling numbers has not stopped Aussies from enquiring about their own SMSF fund.
“SMSF Trustees already comprise a large segment of accountants’ total client base (36 per cent, on average). Still, accountants estimate a further one in eight of their clients are suitable for an SMSF, and half of this cohort has expressed an interest in establishing one,” said Mr Choi.
The researcher also explains the potential opportunity for the accounting industry despite the falling numbers of new accounts.
“Given the large pool of potential SMSFs, there is a clear opportunity for service providers to help accountants better serve this segment. To help educate clients and facilitate SMSF set-up, accountants want to be better equipped to explain the suitability of SMSFs (52 per cent), and the roles and responsibilities of trustees (49 per cent),” said Mr Choi.
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