The implementation of specialised SMSF administration software allowed for more efficient servicing of clients with regard to determining the implications of the super reforms, an accounting firm partner has said.

Finding the right people is the critical element for accountants who want to build a successful financial planning arm within their existing practice, according to the head of a specialist business partnership group.

Accountants looking to expand beyond compliance work into business advisory should not attempt to service all clients instantaneously, but rather start small in order to create a strong, recurrent offering.

Financial adviser demand has increased for access to SMSF content to share with their clients, including information about deciding whether an SMSF is appropriate, what is involved with setting one up, investment management and trustee obligations, according to IRESS.

Data feeds are expected to have the most significant impact on the SMSF sector, with automation and volume the keys to creating efficiencies within an SMSF administration business, according to an industry executive.

The future of the SMSF advice proposition will mimic the same shift experienced by other industries whereby services will be mass produced yet remain customisable for clients.

Blockchain could potentially act as the underpinning technology for SMSFs and superannuation funds more broadly to consolidate the sectors and reduce costs, according to an SMSF specialist. 

Removing a member from an SMSF is not a simple process, particularly where there is a dispute or some animosity among members.