Industry needs to keep spotlight on benefits of being an adviser

As adviser numbers decrease and new entrants replace them, the industry needs to keep a spotlight on the positives of being an adviser, according to TAL.

Niall McConville, TAL general manager retail distribution, said there were many opportunities for existing advisers and those entering the industry could look forward to a busy and very rewarding work life.

“A challenge faced by the industry is that financial advice as a career is not often spoken about, or even known about,” McConville said.

“For us to start to see more emerging advisers, and to ensure we are attracting the best talent to this industry to continue to bolster its reputation, it’s important that advisers are shining a light on what a career in advice looks like and are readily talking about the benefits of being an adviser.

“Aside from the potential benefits of flexible work hours and ways of working, being self-employed or employed, there are so many other reasons for advisers to be passionate about their jobs.

“In the first instance, they are in a rare position to be able to say that their work has an invaluable impact on the community.

“More than that, a long-term advice journey with clients can enable financial security for those clients as advisers play a leading role in helping people meet and exceed their financial goals.”

McConville said running alongside the reduction in the number of advisers operating, there was also an elevated and growing demand for financial advice.

“It’s no secret that the introduction of the Financial Adviser Standards and Ethics Authority’s [FASEA’s] education requirements alongside changing industry dynamics has resulted in the financial advice landscape being significantly disrupted,” McConville said.

“This has been a contributing factor to the substantial decline in the number of advisers operating today.”

McConville said while financial advice was not traditionally a well-understood sector, it was one that played a critical role in the ongoing wellbeing of both individuals and the community as a whole.

“Making a genuine difference in people’s lives is something we all try to do, especially those in the financial advice sector,” McConville said.

“To truly know that you have made an impact on an individual or family and their future financial security is a valuable reward and its impact cannot be underestimated.

“For the industry to continue to move forward, and to accelerate the pace at which we move forward, we all have a shared responsibility to find ways of better explaining the value of financial advice.”