The financial services industry will face polarisation over the next 18 months to two years, according to Pauline Vamos, CEO of the Association of Superannuation Funds of Australia (ASFA).
The industry is likely to see a shift following implementation of the Future of Financial Advice (FOFA) reforms on 1 July 2013, and is expected to see a polarisation in the next 18 months to two years, Vamos said.
"I think we will have a number of boutique advisers who service a limited number of high net worth clients and provide a holistic service," Vamos said.
"Then I think we will also see a number of advisers who are attached to large providers.
"With those businesses you will have various parts of that financial advice business doing the full range of financial planning," she said.
In the meantime and in the lead-up to FOFA implementation, she said, advisers should embrace professionalism, make ethics the 'hallmark' of the way they do business, remove the 'bad apples', design processes and ensure they are prioritising the client.
The recently announced DBFO exposure draft provides a personal advice carve out for “targeted superannuation prompts”; ...
While the latest advice reforms update left many wanting, the FAAA’s Phil Anderson has suggested that, depending on how ...
The complaints authority has announced that United Global Capital will be expelled from the scheme at the end of May
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin