The report showed that 48 per cent of SMSF trustees seek advice from an accountant and 48 per cent of SMSF trustees seek advice from a financial adviser.

However, CBA head of SMSF customers Marcus Evans said this may be more representative of the past, rather than the future.

Mr Evans said many younger individuals setting up SMSFs fit into an ‘outsourcer’ or ‘coach seeker’ profile rather than the traditional self-directed profile of an SMSF investor.

“[Most SMSF trustees] have started with an accountant and grown up with the accountant, they rely on the accountant for tax and compliance. That’s a snapshot of what has been, it’s not necessarily a picture about where we’re going,” he said.

Mr Evans said the new generation of SMSF investors require a wider range of holistic advice services.

“When you combine that with the change in the requirement for accountants to be licensed, it paints a different picture of what the future is going to look like,” he said.

The report also revealed that accountants are generally the most likely to suggest the set-up of an SMSF, with 34 per cent of SMSFs established on the advice of an accountant.

Thirty-two per cent of SMSFs were set up because the trustee decided to themselves, while another 29 per cent were set up following advice from a financial adviser.

Nineteen per cent of SMSFs still don’t have any kind of adviser, the study found.

It also showed that 50 per cent of advised SMSFs and 59 per cent of unadvised SMSFs want more support.

The main types of advice SMSF trustees are looking for are pension strategies advice, with 14 per cent of SMSFs requiring this advice, retirement planning at 14 per cent and estate planning at 12 per cent.