SMSF Service Model Report: insights and actions

Smart practice

Tuesday 01 July 2014

The 2014 SMSF Service Model Report from Macquarie and the Self Managed Super Fund Association (then the SMSF Professionals' Association of Australia - SPAA) focuses on the wide variety of businesses that service self managed super fund (SMSF) trustees, offering critical advice, administration, compliance and investment support to SMSFs around Australia.

The report reveals a large, flourishing and enormously diverse industry, with no single business model dominating.

Key insights and potential actions points relating to the report include:

Insight Action
Economies of scale drive higher profits
  • Consider offering a wider range of services in-house to build scale and capture a larger share of wallet
  • No single model is dominant, so find the one that suits your business objectives.
Many SMSF businesses are seeking growth through acquisition
  • Consider the relative benefits of building scale organically and through acquisition
  • Seek advice on designing a successful business transition strategy in a market where potential acquirers outnumber potential sellers.
The origins of the business shape the principals' worldview
  • Consider how your professional training and expertise shape your perceptions of your business' strengths and weaknesses
  • Seek advice to identify opportunities and overcome obstacles to growth.
A variety of client acquisition techniques can help accelerate growth
  • Create a formal client acquisition strategy for your business with clear targets and baseline metrics
  • Consider trialling a range of acquisition techniques and measuring their effectiveness, including less widely used techniques and new technologies like social media.

For more details on what is happening in this rapidly changing industry and how you can apply the findings to your own business, contact a Business Development Manager or download the full report.

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