Having surpassed some magical milestones throughout 2013 the SMSF industry continues to grow and evolve into a mature sector. Now having passed 500,000 funds, $500 billion of total assets and over a million SMSF members, it is not only exciting to have been a part of the journey to date, but also where it is heading into the future. According to a report last year into the Dynamics of the Superannuation Industry prepared by Deloitte Actuarial, the future of the SMSF industry is expected to shine bright with total assets projected to grow to $2.23 trillion by 2033.
For many professionals, we see a continued number of businesses focusing more specifically on servicing the needs of SMSF trustees. According to the last annual ATO SMSF statistical summary (2011-12), more than 800 firms were lodging at least 100 SMSF annual returns each year, up around 20% since 2008.
The SMSF industry is however going through rapid change… A greater focus on the regulatory framework for ‘gatekeepers’ including Future of Financial Advice reforms, limited licensing regime, Approved SMSF Auditors and more. Add to this the growing influence of technology and the empowerment of consumers through the use of the internet, you can begin to see why professionals need to be giving further consideration to their SMSF business model.
SMSFs have been regarded as the ‘disruption’ that the super industry needed to have… well, the SMSF industry isn’t without its own disruption in what is regarded as a fragmented segment of the $1.8 trillion super industry.
Future of SMSF Survey
To better understand the future direction of service providers, I have put together the ‘Future of SMSF’ website and survey to gain a better understanding of the way in which professionals are currently operating and looking to develop their SMSF business of the future.
This survey is anonymous and will take about 10-12 minutes to complete. All participants who complete the survey will receive a free copy of the Future of SMSF report when launched at the BGL Product Update days in August 2014 (valued at $299). In addition, participants will receive a free copy of my e-book, “Launching you and your business for SMSF growth” upon completion on the survey.
Future of SMSF webinar
As part of the launch of the Future of SMSF, we will be holding a free webinar on this topic on 6 May 2014 at 11am AEST. In this session, we will be discussing some of the key issues and challenges confronting professionals looking to grow their SMSF business, including sharing some early insights from the results of the survey. Numbers are strictly limited and is expected to sell-out.
I look forward to your participation in this Future of SMSF survey.
To find out more, visit the Future of SMSF website, www.futureofsmsf.com.au