The positive evolution of advice continues despite challenges

XY Adviser head of growth Danni Visser has identified key challenges and opportunities for advisers ahead of her panel session at the ifa Future Forum next week.

Ms Visser described the past decade as being marred by constant changes that have repeatedly disrupted the advice process and left advisers feeling vulnerable.

But despite being “pushed and pulled” in numerous directions, Ms Visser said that advisers have overcome many obstacles and taken some “amazing steps”.

“They say necessity is the mother of all invention for a reason, and the positive evolution of advice we continue to see here at XY is something to behold,” said Ms Visser.

“The level of specialisation is growing, and advisers are beginning to go deep in on different business models.”

The pandemic-induced way of work has also provided advisers with key opportunities, condensing significantly the proximity between them and their clients through technology.

“As such, an adviser can now niche super deep into a whole list of areas of advice available under the SIS Act, which has never made sense before,” Ms Visser said.

According to Ms Visser, now is the time for advisers to find their niche and identify their ideal client to reap both monetary and emotional rewards.

Addressing the ever-decreasing adviser count, which has dipped well below 19,000, Ms Visser said the conversation must shift beyond scaled advice vs holistic advice.

“At XY we see a profession of specialists removing themselves from the situation where they are pushed and pulled due to rules and regulations, not because they are no longer licenced, but because the work they deliver is so valuable, and so specific, that no rule imaginable will topple them from their position,” she said.

Looking forward, Ms Visser remained positive on the outlook for the industry.

“We’ve arrived at a point where the scope of what can be considered profitable advice business models has never been wider,” said Ms Visser.

“And considering we have a whole new generation of advisers joining the profession after all these big changes have occurred, we’re extremely bullish on the future of human led advice.”

The ifa Future Forum 2021 takes place at the Four Seasons Hotel in Sydney on 17 November.

Click here to register.

Jon Bragg

Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.