Outsourcing your SMSF services can be a great way to save time and resources while still being able to take advantage of this booming sector. With total assets in SMSFs exceeding $505 billion, there is a huge opportunity for your firm to increase its bottom line.
By outsourcing your SMSF services, you can avoid the need to hire new staff or spend time and money on training your existing team. Instead, you can rely on a specialised outsourcing provider who has the expertise and resources to handle all your SMSF accounts efficiently and effectively.
This can help you free up your team to focus on other important tasks and projects, while still being able to provide top-notch service to your clients. Outsourcing can also provide cost savings and increased efficiency, helping your firm to grow and thrive in this rapidly expanding sector.
So if you’re looking to take advantage of the opportunities in the SMSF sector but are concerned about time and resources, consider outsourcing your SMSF services to a trusted provider. It could be the key to unlocking the full potential of this lucrative market for your firm.
Possible solutions to expand with SMSF
Hiring In-house Talent
Enhancing your in-house capabilities by recruiting new expertise is a viable option. However, this process will require significant investment in time and resources to identify qualified candidates with proficiency in SMSF setups, administration, tax compliance, auditing procedures, reporting, and any necessary technical support.
As a result, a substantial amount of your or your HR department’s time and financial resources may be allocated to the recruitment process rather than pursuing SMSF outsourcing solutions directly.
As with any newly hired talent, it is essential to expand your infrastructure to support their integration. This may include acquiring new furniture, computers, or even an additional office space, contingent on the number of individuals you bring on board. Additionally, be prepared for increased utility costs associated with these changes.
Given the strong and sustained demand for such expertise, it will also be necessary to enhance your compensation packages to retain this talent and mitigate the risk of attrition due to competitive offers.
Furthermore, investing in training for your current employees is crucial. Once team members acquire SMSF skills, they become highly sought after by competitors. Should they choose to leave for better opportunities elsewhere, you would face not only a loss of investment in their development but also a gap in your team’s capabilities that can impact overall performance.
Partner With an SMSF Specialty Firm
Instead of pursuing outsourced SMSF solutions, you could consider partnering with a local specialised SMSF administration firm. However, it is essential to recognize that such an arrangement may limit the growth potential of your own practice. Much of the effort invested in attracting new SMSF clients primarily benefits the specialised firm rather than enhancing your business.
In this scenario, you risk becoming merely a promoter for the SMSF administration provider, leading to diminished advantages for your own organisation. Essentially, you may find yourself acting as an intermediary without substantial return on investment. It is crucial to carefully structure your contractual agreement with the SMSF firm to safeguard against being excluded from future opportunities entirely.
SMSF Outsource Solutions
This is an excellent opportunity to optimise your expansion efforts. To begin, establish an account with BOSS and inform your clients that you are now offering SMSF administration as part of your service offerings. You will then collect the necessary SMSF information, and from there, the process is straightforward.
You simply pass this information on to us—leaving the remainder of the work in our experienced hands (excluding audits conducted by an independent Australian auditor). Since the outsourced staff essentially operate as an extension of your team, the SMSF services provided by your firm truly belong to you; you are no longer acting as a middleman or intermediary. For further insights into how SMSF operations are managed between you and BOSS, please explore this link.
Now is the time for you to seize a significant share of the SMSF market. BOSS is dedicated to assisting you in maximising that potential.
