In 2024, the Self-Managed Super Fund (SMSF) sector in Australia continues to play a pivotal role in the nation’s superannuation landscape, attracting a significant number of investors seeking greater control over their retirement savings. This is becoming evident with younger professionals starting their own SMSF earlier in their careers than what we have traditionally seen. With this growing demand, along with the continual compliance changes in the sector, the employment landscape within the SMSF industry has seen several key trends emerge, shaping the future workforce and the skills required in the sector.

1. Increased Demand for SMSF Specialists

The SMSF industry is highly specialised, with a need for experts well-versed in the complexities of self-managed funds, who are actively keeping up to date as regulations and compliance requirements evolve. As superannuation legislation becomes more intricate and complex, clients seek professionals who can provide tailored advice on investment strategies, tax implications, and compliance.

Many firms are recruiting more SMSF specialists, often seeking candidates with SMSF-specific qualifications such as the SMSF Association’s SMSF Specialist Adviser (SSA) accreditation. These qualifications are now seen as a baseline requirement for many roles, pushing professionals to continually upskill.

2. Digital Transformation and Automation

Automation and the rise of SMSF administration platforms have transformed the industry in recent years, and in 2024, this trend has accelerated. SMSF service providers increasingly adopt digital solutions for fund administration, tax reporting, and compliance monitoring. Cloud-based accounting platforms, artificial intelligence (AI), and machine learning (ML) tools are streamlining administrative tasks and allowing professionals to focus on higher-value advisory services.

This shift towards automation has impacted the employment landscape, reducing the need for traditional administrative roles while increasing demand for tech-savvy professionals who can manage and optimise these digital systems. Job roles now require a blend of financial expertise and technical proficiency, and professionals who are comfortable with software and data analytics are at an advantage.

3. Hybrid Work Models and Flexibility

The post-pandemic shift towards flexible and remote working arrangements continues to influence the SMSF industry in 2024. Many specialist, boutique SMSF firms have adopted either hybrid or fully remote work models. This flexibility has made the sector more attractive to skilled professionals, including those from other financial services sectors where the flexibility isn’t as great.

4. Growth in SMSF Administration Outsourcing

To manage the growing complexities of SMSF compliance, many firms are outsourcing certain administrative tasks to specialised providers. This trend has created opportunities for employment in outsourced SMSF administration firms, often located in regional areas or offshore. Outsourcing allows SMSF service providers to focus on high-value advisory services, creating a shift in employment patterns within the sector.

While outsourcing may lead to fewer entry-level administrative roles within traditional firms, it also opens new employment opportunities in firms that specialise in outsourced SMSF services. This shift is leading to a more competitive environment where SMSF professionals must differentiate themselves through value-added services and specialised knowledge.

5. Increased Focus on Continuing Professional Development (CPD)

With the SMSF regulatory environment constantly evolving, continuing professional development (CPD) has become more relevant and critical for professionals in the sector. This trend is leading to a more highly skilled workforce that is better equipped to handle the complex needs of SMSF clients.

6. Sustainability and Ethical Investment Expertise

Another emerging trend in the SMSF industry is the increasing interest in sustainability and ethical investment options. SMSF investors are becoming more focused on incorporating environmental, social, and governance (ESG) factors into their investment portfolios. As a result, there is a growing demand for professionals who have expertise in sustainable finance and ethical investment strategies.

SMSF advisors who can offer guidance on green investments, ESG compliance, and the long-term impact of sustainability on retirement savings are highly sought after. This shift is driving new employment opportunities for those with experience or qualifications in ethical finance, adding another layer of specialisation to the SMSF advisory space.

7. Challenges and Opportunities Ahead

While the SMSF sector continues to offer substantial career opportunities, there are also challenges to consider. Regulatory scrutiny is increasing, meaning that professionals need to remain vigilant in ensuring compliance. Additionally, the rise of automation and outsourcing could lead to fewer traditional roles, but also presents opportunities for those willing to adapt to new technologies and focus on specialised advisory services.

Conclusion

In 2024, employment trends in the Australian SMSF industry are being shaped by specialisation, digital transformation, and the ongoing need for regulatory compliance. The demand for skilled professionals who can navigate the complexities of SMSFs remains high, and the sector offers significant opportunities for those who are adaptable, tech-savvy, and committed to continuous professional development. As the industry continues to grow and evolve, professionals with a deep understanding of SMSF regulations, investment strategies, and ethical considerations will be well-positioned for success.

If you would like to know more about how we can help to guide you, reach out to Bruce Macaulay for a confidential conversation about your next career step or for specialist assistance with your next SMSF hire.

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