A growing number of accountants are referring their self-managed superannuation fund clients to one adviser rather than spreading the love around, according to a new report.
Approximately 28 per cent of accountants have an exclusive relationship with one advice firm, up from 22 per cent in 2012, based on the OneVue/Investment Trends 2013 SMSF Accountant Report.
The report also found 85 per cent of accountants have SMSF clients with investment-related queries.
OneVue head of partner solutions Brett Marsh said it was critical for advisers to have the right qualifications, skills and experience in order to stand out in an ultra-competitive market place.
“If accountants are going to encourage SMSF clients to engage a new specialist, having a trusted relationship with that specialist is vital both in terms of client satisfaction and client retention,” he said.
“With a number of mergers taking place between accounting and financial planning practices across the board, those accountants that don’t offer an encompassing service for SMSF clients are seeing greater value in building alliances with trusted professionals in order to remain competitive.”
The report also highlighted the importance of having the right service proposition to appeal to accountants, for example, the flexibility and ability to provide advice on direct investments and separately managed accounts, which were the preferred vehicles of SMSF trustees.
Marsh said accountants and advisers needed to work more closely together to get the most out of their working relationships. Part of that included embracing technology to allow for the efficient accounting, administration, compliance, audit and lodgement of SMSFs as well as the ability for clients to view their portfolios.
“We see that there is growing importance being placed on adviser and accountant relationships and it is something that service providers need to support and make simpler going forward,” he said.
