SMSFs motivator for accountants in financial advice
Self-managed superannuation funds (SMSF) will remain the major factor keeping accountants in the advice market, according to Count Financial founder and chairman of accountancy-focused Countplus, Barry Lambert.
Lambert has told Money Management he is not surprised by recent research released by MLC revealing that three-quarters of the accountants who responded intend to deliver advice to their clients under the Government's proposed new licensing regime replacing the so-called accountants' exemption.
"Bearing in mind that accountants not only created but also dominate SMSF administration, it is no surprise that MLC found most accountants want to become licensed under the new accountants licensing laws," he said.
Lambert said that accountants' continuing focus on SMSFs was also attributable to the manner in which cloud-based technology had made it more affordable to continue their focus on SMSF administration.
"There had been a good argument based on efficiency that 'small' accountants should get out of SMSF administration, but that has now changed with the development of cloud-based technology," he said.
Lambert acknowledged that he was also the chairman of Class Super, which had delivered a cloud-based administration approach which had been adopted by many of the accountants within the Countplus group, and which was generating margins of between 35 and 45 per cent.
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