Advisers making a ‘lasting impact on financial wellbeing’

Takeaways from 2024

What was the biggest achievement for the profession this year?

This year, the financial advice profession made tremendous progress in solidifying its identity as a trusted and indispensable service for Australians.

One standout achievement was the growing acknowledgment of the profession’s pivotal role in fostering financial wellbeing and literacy, both at a regulatory and societal level.

This recognition came alongside significant advancements in professional education, ethical standards, and streamlined compliance processes that empower advisers to focus on delivering meaningful client outcomes.

How has the profession grown over the year?

The profession has experienced remarkable growth in its ability to innovate and adapt to the needs of a more diverse client base. With an increasing number of Australians seeking advice, advisers have embraced technology to enhance accessibility, reduced administrative burdens, and fostered deeper client engagement.

Additionally, there’s been a noticeable shift towards holistic financial planning, with a greater emphasis on environmental, social, and governance (ESG) considerations – reflecting the profession’s evolving understanding of what clients truly value.

These strides demonstrate not only growth in numbers but also in the depth and quality of services provided.

What was the most significant thing (good or bad) to come out of this year?

The most significant development for the financial advice profession this year was the continued momentum towards simplifying regulatory requirements, which had both positive and challenging aspects.

On the positive side, efforts to streamline compliance processes has reduced red tape, allowing advisers to dedicate more time to building stronger client relationships and delivering tailored advice.

Outlook on 2025

What are you hoping to come out of next year?

I hope to see further refinement of compliance processes, making it easier for advisers to focus on what they do best – helping clients achieve their financial goals.

I also look forward to greater adoption of technology that enhances the client experience and makes financial advice more accessible to diverse groups of Australians.

What are your thoughts as we go into an election year?

An election year always brings a level of uncertainty, but it also presents an opportunity for the profession to advocate for policies that improve financial wellbeing across the population.

I’m hopeful that the election will reinforce the importance of financial advice in addressing the financial challenges Australians face and that bipartisan support will emerge for initiatives that enhance access and affordability of advice.

How are you feeling about the year to come and why?

I’m optimistic about the year ahead. The profession is poised for continued growth, driven by advancements in technology, increasing consumer financial literacy, and a more streamlined regulatory environment. These factors provide a solid foundation for advisers to deliver even more impactful services to their clients.

What is your main goal as an adviser for the coming year?

My main goal is to continue delivering exceptional, client-centred advice while helping to bridge the gap between accessibility and trust in financial planning.

I also aim to contribute to the profession’s growth by mentoring newer advisers, integrating emerging technologies, and participating in thought leadership to elevate the profession’s standing in Australia.

Overarching thoughts

What do you think is the biggest issue currently impacting the profession and what could be done to address it?

The most pressing issue is the accessibility and affordability of financial advice. Despite progress, too many Australians still find professional advice either financially out of reach or unnecessarily complex. This challenge stems from a combination of regulatory overreach, high compliance costs, and a lack of public understanding about the value of advice.

To address this, we need a continued push for regulatory reform to simplify compliance without compromising quality. Introducing scalable advice models, supported by technology and clearer guidelines, could help reduce costs for both advisers and clients.

Additionally, enhancing financial literacy initiatives would encourage more Australians to seek professional advice, improving both engagement and trust.

What is a small issue that impacts you or your business – one that is outside your control – that could be easily fixed? How?

One small but frustrating issue is the inefficiency in accessing consolidated client data from financial institutions. Delays in receiving accurate information can slow down the advice process and create avoidable frustration for clients.

A standardised, streamlined system for data sharing – securely and in real-time – between advisers and financial institutions would significantly improve efficiency.

This could be achieved through industry collaboration and the adoption of open banking principles tailored for the financial advice sector.

Is there anything else you think is important that you would like to share with the advice community?

As a profession, we are uniquely positioned to make a lasting impact on the financial wellbeing of Australians. Collaboration and innovation will be key to overcoming our challenges.

By embracing technology, simplifying our processes, and advocating for meaningful policy changes, we can ensure that financial advice becomes more inclusive, trusted, and indispensable.

Let’s also continue to support each other as a community, sharing knowledge and best practices to raise the bar for what we deliver to our clients.