The regulator will consult with industry on what’s blocking the provision of limited advice, which it says consumers want more of. According to ASIC’s advice lead, Kate Metz, word on the street is that licensees are the ones getting in the way.
A recent report by the association shows advised consumers have had more control over their finances and harboured less financial concerns during the pandemic. Increased confidence has also been a trademark of the advised, FPA CEO Dante De Gori said.
Advisers are generally more satisfied with how their licensees are supporting them this year according to CoreData, but there remain two key service offerings that – if another licensee could provide them better – are significantly more likely to prompt an adviser to change dealer groups.
Past the halfway point in its exam transition program, the authority’s CEO says its time to acknowledge what the uplift in professionalism means to consumers. “I had faith in the outcome of this,” Stephen Glenfield tells Professional Planner.
Tying the price of your advice to its value instead of the size of a client's pie is not only ethical but inherently more sustainable, argues David Haintz. While the rest of the world lags behind Australia in adopting fee-based models, the writing is on the wall for a global fee evolution.