The Future of SMSF survey, a joint research study by The SMSF Academy and BGL Corporate Solutions also found 42 per cent of respondents expect revenue growth of up to 25 per cent in the same period.
The majority of respondents (69.7 per cent) said they expect to see additional revenue in the areas of administration and compliance while 57.8 per cent also recognised the opportunity in strategic advice.
The report also showed 55 per cent of respondents looking to expand their existing services said limited licensing presents the biggest opportunity.
Many practitioners see the ability to provide strategic advice as important to their SMSF clients, without focusing on advice around investment strategy and insurance, according to the report.
The survey also found remaining competitive in pricing and fee recovery is a key challenge for SMSF professionals.
In an open letter to the SMSF profession, The SMSF Academy’s Aaron Dunn said he expects to see fee pressure continue to increase forcing practitioners to offer more.
“Over the coming years, I expect to see fee pressures rise and trustees questioning the value of what they get from this annual compliance approach,” Mr Dunn said.
“Many trustees (and their advisers) are already demanding more – how to manage key risks within the fund, including contribution caps, pension limits, their fund investment strategy and more.”
On average, the fee charged for SMSF compliance and administration services is $2,371, with a median of $2,250, the research found.
The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney in August to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting. Visit the website for more information: www.accountantsdaily.com.au/strategy-day