Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Future bright for established planners says white paper

financial-planning/financial-advice/ClearView/Royal-Commission/Banking-Royal-Commission/FASEA/vertical-integration/Financial-Advisers-Standards-and-Ethics-Authority/RC/professionalism/

29 November 2018
| By Mike |
image
image image
expand image

The future is bright for established, well-respected advice firms, according to a new white paper released by ClearView.

The white paper, published this week, has pointed to rising demand for financial advice and the likelihood of an 8,400 shortfall in the number of advisers necessary to meet that demand.

It said that while the Financial Adviser Standards and Ethics Authority (FASEA) regime represented a challenge, research suggested the majority of advisers saw it as a positive development that would fast-track the industry’s journey to professionalism.

“For established, well-respected advice firms, the future is bright,” it said. “They’ll be able to command a good price for the work they do. The only impediments to success will be their ability to find clients and boldly ask to get paid fairly for the value they add.”

“Across the value chain, advisers are in the best position to combat fee pressure because they’re closest to the client. They own the client relationship,” the whitepaper said. “In fact, advisers - alongside consumers – stand to benefit the most from the Royal Commission and the ensuing breakdown of vertical-integration.”

It said that not only would the hurried exit of the institutions from wealth management create the ideal environment for quality advice to thrive, “but already we’re seeing a meaningful reduction in superannuation, investment and platform administration fees with further margin pressure to come”.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

6 days 13 hours ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 week 6 days ago

So we are now underwriting criminal scams?...

6 months 2 weeks ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

1 week 1 day ago

Libby Roy has been appointed as an independent non-executive director on the board of AZ NGA....

4 weeks 1 day ago

A professional year supervisor has been banned for five years after advice provided by his provisional relevant provider was deemed to be inappropriate, the first time th...

3 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
3