Mr Shorte also said “new players” need to understand the legislation, strategies and actual processes involved in SMSFs before recommending them to trustees.

“[The SMSF sector] is moving so fast that I just hope the new players realise they need to keep up to date with everything. It’s not like just passing an exam and you can advise on SMSFs ongoing,” he said.

“There are a lot of junior planners and people who are touching their feet into the SMSF industry… You also have mortgage brokers and bankers in there. It's people on the periphery whose main focus may not be [SMSFs], but they are starting to dabble in the area,” he added.

Mr Shorte believes SMSFs are an area of financial services where a “little bit of knowledge can be dangerous”.

“People need to lean on others that have more experience in the industry or else make a concerted effort to really understand the niche and the way SMSFs work,” he said.

“It is especially [important] when you are dealing with property where there is a possibility of double stamp duty, you can make a mistake very quickly that could cost the client $10,000 or $20,000,” he added.