But with the recent requirement for every SMSF to have a risk strategy, SMSF advisers may well find themselves being forced to take up a full advice licence, he said.

“I think the trend may well be that, yes, there’s these limited authorities available – but more and more it’s leaning towards a full advice authority," he said

“We see a conservative take-up of these SMSF-level authorities, which we’ve had for years.”

Lonsdale has also been “kept on its toes” by a number of random Australian Securities and Investments Commission (ASIC) surveillances, he said.

“Like any other dealer group, we’re under scrutiny from ASIC – we don’t have an issue there,” he said.

The random surveillances act as a “checkpoint” to ensure that Lonsdale’s processes and compliance systems are in order, said Mr Stephen.

“Protection of the licence is the number one priority here. Lonsdale in its history has never had an enforceable undertaking – and under my watch, I plan not to,” he said.