“I think that there is a growing demand for SMSFs and… it’s beholden on those operating in that space to make sure that we apply the laws and ensure that our clients are doing the right thing in that space,” Ms Mackay said.

“If we don’t do the right thing by our clients, or our clients get into trouble because their adviser isn’t on top of all the issues, the repercussions can be very severe for the client in terms of their retirement savings,” she said.

Ms Mackay also said that practitioners who are focused on the bottom line should consider that savvy investors are not going to pursue an adviser who has fulfilled only the bare minimum requirements.

She added that SMSF trustees have often excelled in their own area of expertise and would be seeking out practitioners who have done the same.

“I think from a commercial perspective, it makes it easier to talk to clients because you have demonstrated that you’ve gone through that rigour of those exams, and I think that savvy consumers are seeking to partner with experts, and that’s the nature of people who want to be involved in SMSFs,” said Ms Mackay.

“[SMSF members] want to have more control and transparency… and they want to partner with recognised experts.

“The key things are investing in yourself and recognising that it’s both to your benefit and your client’s benefit and also commercially it’s beneficial.”

Liz Westover, head of superannuation at The Institute of Chartered Accountants, said trustees are increasingly becoming more influenced by the extent of their practitioners’ education when it comes to SMSFs and are seeking out those who are recognised specialists.

“It gives the client a lot more comfort about it and once they are engaged and get a good service, then they talk to their colleagues and friends and associates, and word of mouth spreads,” she told SMSF Adviser.