Advisers reveal the changes they’d most like to see in 2022

2021 wasn’t an easy year, and while it did bring a lot of pain and hardship for some, others flourished, moving their businesses to new strides and kicking new, previously unknown goals. 

But, one thing is for sure, we’re all looking forward to a bit of a break and anxiously awaiting 2022 and all that it has in store for us. 

From the team at the ifa, we wish you all a very happy new year!

Timothy Munro, Change Accountants and Advisers

I’m hoping that 2022 starts to see a trend back to affordable and understandable financial advice. ASIC has just published helpful guidance on limited scope advice and example SoAs and RoAs and this is a very good starting point.

If the government can remove further red tape and allow advisers to present short advice documents that are easy for people to understand at an affordable price, we’ll start to see more trust and confidence back in the financial advice sector. Bring on 2022!

Adele Martin, The Savings Squad podcast & My Money Buddy

I think we have all suffered Zoom fatigue and miss the energy that comes from live events. I’m excited in 2022 to connect with my adviser buddies at live events again.

I also feel like money is on the cusp of being mainstream and cool.

The fact that there are a record number of investors opening accounts, advances in technology and massive intergenerational wealth transfer occurring is the perfect environment for money and advice to shine.

2022 is also an election year that will keep things interesting for us advisers. 

Eugene Ardino, Lifespan Financial Planning

As we approach 2022, I believe that there is some light at the end of the tunnel, with government, ASIC, and industry finally agreeing in unison that financial advice has become unaffordable…

We have only really just scratched the surface. Let’s hope that it is not simply lip-service, and that meaningful steps are taken to address the key issues around advice affordability in the coming years. FOFA, and the royal commission were supposed to consider this issue, but sadly those processes clearly neglected to do so that is part of the reason we find ourselves where we are today. Let’s hope that we are now on the right path to addressing the overwhelming burden of compliance.

This year has seen the advice community take more steps towards supporting and being there for each other, and the continued mental health challenges faced by advisers have been openly acknowledged, and we have all pulled together with a greater sense of unity and connection. In the words of the 90s pop band, Dream, “Things can only get better”!