There is already a massive culture shift going in the operation of licensee's and advice firms. Many insto organisations are simply closing the doors, the poorly run one's are on the way out. Why not let this play out and then re-assess. The industry has been criticised for lack of self regulation, give it a go!
Advice is sooo expensive to deliver now, let alone with a raft of new changes to further drive up the price.
I once suggested to a very senior ASIC person that they set up a consultative group (along the lines if the NTLG) to consider regulatory outcomes but advise on how to efficiently implement the policy agenda.
Firstly she asked where she would find such people, I suggested placing an ad in money management!! She then asked where they'd find the money to fund the ad's. Idiots running asylum.
Less and less Australians will be able to afford advice going forward. Tech may help some but for many it won't be sufficient nor palatable.
Unfortunately that one's that will benefit most in life changing advice are the marginal customers that will be priced out of the market. Well don't regulators, awesome job.
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