“One of them is that there's a suggestion that a pathway is required within our industry, and that pathway historically has come from financial institutions, but the reality is that it doesn’t necessarily exist in the form it did historically,” he said.

“The other part, to me, being an accountant who has worked in the SMSF space for a long period of time, is this concept of providing limited advice, and we know for some time that has sat within the accounting space, and there is still a gap that exists within the suggested advice framework for them.”

He said that due to the decline in the number of advisers, there is an urgent requirement for a mechanism that acknowledges individuals who don't fall under the new category of 'qualified adviser.' This recognition could designate them as associates, helping consumers discern the level of advice they are receiving.

“For example, myself, as a CPA and SMSF specialist, started as an associate, and people knew the limitations of what I could do before I became fully qualified. There needs to be an assurance for the consumer so they understand what the limitations are,” he said.

He additionally suggested that individuals in the accumulation phase might receive advice from one tier of advisers, whereas those in the retirement phase could be guided to another tier.

“There still has to be a level of skill set qualifications and making sure they are tagged appropriately so the consumer knows what they're getting because understanding how advice is going to be provided is going to be crucial to the success of this regime working,” he said.

“I think having a pathway is going to be important so the conversations that funds might have with clients initially could be along the lines of the benefits of salary sacrifice, but the reality is there will be people who will still want to talk to someone, have a relationship with someone around those decisions.”

Mr Dunn concluded that for the industry to align with the recommended trajectory outlined in the new QAR reforms, it is imperative to acknowledge specific niches of advice.

“For a long time, there has been a push towards the recognition of the specialisation skill set that sits within SMSF, so if we're going to be going down this path then you want to make sure it looks at that specialisation to make sure those that work in it are naturally attuned and skilled to be able to do so,” he said.