“I think the next 12 months will see a significantly greater number of accounting firms [either] becoming licensed or engaging with advisory firms,” Mr Nalty told SMSF Adviser.

“I actually see that as the way of the future. Accountants will actually go to pains to try and work out who they want as their professional outsource provider.”

He added that accountants are time-poor at the best of times and the licensing regime comes with a whole raft of onerous responsibilities they have not previously been trained for or educated on.

“That’s why I think practices are opting out [of licensing and] are saying, ‘Well I’m actually better off joint venturing with a financial advisory firm or forming a strategic alliance with a good planning firm, outsourcing to them and getting them to have those types of conversations with clients,” Mr Nalty said.

He expects accountants to have increasingly engaged conversations with the advisory community.

“By their nature, accountants are professionals and do not want to be breaching any laws.”