Farewell 2022: Why expectations are high ahead of 2023

During this one, the number of advisers on the Financial Advice Register dipped below 16,000 for the first time, and a new type of inquiry was appointed and carried out, dissecting the advice industry with the goal to make advice more affordable and accessible to consumers.

It’s no secret that advisers have a lot riding on the Quality of Advice Review. Expectations are high and issues are plentiful.

And while most proposals have been welcomed by the industry, one recommendation most are hoping won’t make it past the thorough eye of Financial Service Minister Stephen Jones relates to welcoming the banks, superannuation funds, and insurers back into advice.

But this year was not all about the QAR. Other issues that took somewhat of a back seat included the great exodus, the great resignation, and frankly the great exhaustion. Advisers were exhausted. They had had enough of the ever-growing regulatory burden, of the vigorous education requirements, licensing and specialisations, and enough of being overworked.

So, as Mr Jones carefully considers Michelle Levy’s recommendations in between servings of ham and lamingtons, I wanted to take this opportunity to wish you all a happy holiday season and lots of success in the new year.

Let’s hope next year will be one of prosperity and good health for the industry!

While ifa will continue to publish useful and unique content over the holiday period, next year we look forward to bringing you the latest news from the industry and, of course, Mr Jones’ anticipated assessment of the QAR.