“I suspect it may happen if the imputation credit changes go ahead though, because that is a way of preserving the refund of the imputation credits,” Mr Hutton said.

“What we are seeing from the other side, though, is where a client is setting up an SMSF and they’re rolling out of an industry fund, they’re being sent this really detailed letter from the fund asking the client whether they really want to go ahead with it.”

Mr Hutton said that these letters often question whether the member really understands the obligations of an SMSF and whether they’ve thought it through.

“They also ask the member whether they want to discuss it with an industry fund adviser,” the partner said.

“I find that very interesting because for years [the industry funds] have been chastising advice.”