“The problem is that if you’ve got 15 or 20 SMSF clients, they’re likely to be precious clients like all your other ones,” said Ms Penn.

“There’s an opportunity for someone to set up some sort of annual review service for [SMSF practitioners] who only have a limited number of SMSFs, to check trust deeds, strategies and what have you [while the practitioner] maintains their client relationship.”

These smaller SMSF firms will then have the confidence that the advice they are providing clients is high-quality, she said.

Ms Penn said estate planning and intergenerational wealth is currently another untapped area in the SMSF industry.

“These days SMSFs are used in a big part for wealth transfer,” she said.

“That means the way the SMSF is set up in the first place needs to support the thinking that eventually when the people that own the SMSF die, the money goes to the dependants or their kids in the way that they want it to happen.”

Ms Penn said that with the ageing population, estate planning issues will only become more prevalent.

Clients want to feel comfortable that when they die or lose capacity and are unable to continue running their SMSF, that the right outcomes occur, she said.

“I think there’s a big opportunity to really look after your clients properly [in this area],” Ms Penn said.