“If, historically, the business has worked close to the line, particularly in regards with SMSF advice, for example, if a lot of the work is going to be taken off the table legislatively because they don’t have the appropriate qualifications in place, then this may undermine some of the business valuation multiples that would have otherwise applied,” he said.

Mr Leggett said the regulatory regime in general is having an impact on what practitioners can do and how they are paid.

“That puts a bit of a question mark over business valuations into the future,” he said.

“People are looking more closely at how your business is structured, what sort of agreements you have with your clients and how they pay you, how sustainable that revenue is, and what sort of services you are able to provide and charge for.”