QAR fatigue, ministerial mess, and a toast to a resilient advice profession

Unlike last year, in many ways, 2023 was all about the Quality of Advice Review (QAR). From the release of the final report in February to the government’s initial response in June, its unsatisfactory first tranche announcement in November, and its irritating final release in December, it’s safe to say we’re all QAR-ed out.

QAR fatigue has well and truly set in, but we have more battles to conquer in the new year courtesy of Minister for Financial Services, Stephen Jones. While he swore to help the profession prosper, what he has actually left us with is nothing short of a sizzling hot mess (pun intended).

Prior to the December judgment call, we held optimistic expectations that Mr Jones' dedicated investment of time in the advice profession in 2023 would yield tangible benefits for advisers in 2024.

How things have changed.

Advisers now mostly want him to step away and stop meddling in affairs he clearly doesn’t understand.

So as 2024 nears, advisers are bracing for another round of tireless lobbying in a bid to ensure employees of banks, superannuation funds and insurers aren’t bestowed a title they do not deserve, a title that will certainly cause more harm than good to consumers Australia-wide.

But 2023 was not all doom and gloom. Coming from a year of exhaustion, which 2022 very much was, the adviser exodus slowed and the industry showed unity unlike anything seen in a long time.

Professionalism lifted, the trend towards self-licensing persisted, and advisers really became the talk of the town as Aussies began to concern themselves with their retirement and the impending great wealth transfer.

So, as Mr Jones carefully considers an alternate name for employees of institutions, again 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 apology.