“This shows how much care good advisers do take in their business,” said Mr Heather.

Advisers realise, he added, that “managed accounts are not only part of a client portfolio”.

“They allow advisers to differentiate themselves, enhance the client experience, boost back-office efficiency, drive down fees and ultimately increase the value of their business,” he said.

Mr Heather added that in terms of managed accounts, there is no one-size-fits-all model for SMSF investors focused on listed investments.

He also stressed that SMSF portfolio design must extend beyond direct equities.

“Advisers [need] the discretion to advise across a broad range of asset classes including cash, term deposits, fixed income, managed investment schemes, LICs, ETFs and managed funds,” Mr Heather said.