Planners get help to face “market shifts”

AFA chief executive Brad Fox said that planning businesses were grappling with a number of disruptive changes and elements of Treasurer Scott Morrison's first budget would help them meet this challenge.

"The financial advice profession continues to face a raft of legislative and market shifts with a broad need to find back-office cost savings in the delivery of financial advice while also continuing to further improve the client experience as they receive advice. Assets that support administration, the provision of advice and client communications will be more affordable under the measures introduced," he said.

Supporting small business is an appropriate position for the government to take, but Mr Fox cautioned that the managerial skills and decision-making frameworks for businesses seeking growth need to be robust.

"The speed at which the digital economy is changing consumer behaviour is staggering. The trade-offs between taking investment risks and getting appropriate returns is more difficult to judge today than at any time in living memory. Small business owners need to be prudent, but not afraid of making investments and therefore before making significant capital investments in their businesses, should seek advice. Financial advisers, most of whom are self-employed, understand the financial and emotional needs of their clients and are therefore very well-placed to discuss the real challenges everyday small business owners face," he said