“[SMSF practitioners] now need to go up against AMP and their [large] block because growing their SMSF business is part of [AMP’s overall] strategy,” he said.

Mr Dunn added that while this does not mean smaller SMSF practices will be overun by institutions, it is important to realise that larger SMSF providers are directing a significant amount of SMSF information at trustees in order to attract clients.

SMSF practitioners need to consider how they might engage in these conversations – through social media, websites, information evenings and other events.

“There are fantastic opportunities for us to express the value we provide and actually get our clients to become our best advocates,” he said.

Mr Dunn said that while technology such as social media will not replace the need to have regular meetings and conversations with clients, it “exponentially grows the way in which practitioners can get in front of clients and communicate with them”.

“SMSF practitioners need to better understand how your clients are currently being reached and what we’re doing and how we can reach them and how you can integrate this into some of your day-to-day work,” he said.

Using direct reporting services is another way in which SMSF practitioners are tightening the bond with their clients.

“They will come to you when they can see they’ve still got another $5,000 dollars they can contribute to super or you can contact them and say you’re $3,000 short of your minimum pension, make sure you take that before the end of the year,” he said.

“SMSF practitioners are able to entrench a greater bond in the relationship and build off the back of that.”