“That’s causing huge frustration [and] it can cause difficulties in managing client expectations and deadlines,” said Mr Hennington.

Another problem raised by some of the accounting firms licensed under dealer groups that he’s spoken to, is the time it takes them to write a statement of advice, he said.

“The feedback that we’re hearing is it can take a very long time to write a statement of advice, and part of that is the templates aren’t always specific to what the client is actually doing and part of it is that each client scenario is different,” he said.

“So it does take a lot of time to mould a template into giving the exact advice that fits each client scenario, which is a non-trivial process.”