I agree with you. the vast majority of advisers still think it is possible to provide advice profitably. they are in denial, and I can understand why that is, many of us have spent our entire lifetimes earning multiple degrees/ qualifications and making immense personal sacrifices at the expense of our loved ones building something and it's not easy to just pack up and leave and to try and continue on with it for as long as we can. many of us also love what we do and why we are trying to stick it out and not to be seen as a quitter.
but facts are facts, and they are undeniable. there will be few practices that will be able to survive the onslaught of the regulatory burden, on top of the regulatory compliance there is another set of compliance from fasea. we were already struggling to try to cope with the obligations from our dealer groups and ASIC, and perhaps our professional body throw in the tpb and fasea and it is over the top.
most of us spend our days, trying to make sure we are complying with the obligations not providing advice to clients.
so it's time for me to bid you all farewell. I really did give it a good shot but it's time to go.
In order to give you the best site experience, we need to know what kind of investor you are. Please select the title that best describes you below.
Financial Advisers - Investment
Financial Advisers - SMSFs
Individual Investors with SMSFs
Financial Advisers - Insurance
Accountants and Solicitors
Financial Services Professional