A great year ahead
As advisers return from their summer breaks, they may be feeling apprehensive about how the year ahead will go given their past experience.
With the Omicron variant still lingering around, this is likely to mean working from home will continue for longer and clients will continue to seek advice remotely, many of whom may still be facing financial stress as a result of the pandemic.
However, much has been said about the potential for less regulatory and compliance change this year which will, no doubt, be a welcome relief to advisers after several years of implementing recommendations following the Hayne Royal Commission.
With a Federal election just months away, this is likely to give advisers at least six months of regulatory respite as all political activities are refocused towards election efforts.
At a time when consumers are in need of, and are seeking, trusted financial advice more than ever, the level of compliance over the past few years has led many advisers to sigh and decide it is easier to shut up shop than meet the innumerable requirements. The number of advisers is expected to fall to between 15,000-16,000 this year from more than 18,000 last year.
But, for those who have passed their education requirements and chose to remain in the sector, industry associations are united in the view that this will be a great year.
Advisers who had been ready early with their educational requirements are now reaping the benefits; advice being provided is of a higher quality, firms are more professional, have more stable income streams and are able to pick up high fee-paying clients given the strong consumer demand for advice.
As for next steps, this is now the time to look inward at their businesses and assess whether processes can be made more efficient through technology implementation.
Money Management looks forward to interacting with our readers and keeping you abreast of all developments in the year ahead.
AUTHOR
Laura Dew
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