‘Hope tempered by a realistic awareness of the challenges ahead’

Takeaways from 2024

What was the most significant achievement for the profession this year?

Amid a year of challenges and change, the advocacy efforts of our association with the government have emerged as a true beacon of hope for the industry. While the circumstances surrounding Dixon Advisory and the impact on their clients are deeply concerning, the response and advocacy of our associations around the Compensation Scheme of Last Resort (CSLR) are worth highlighting.

Their tireless work in mitigating the financial burden proposed on businesses demonstrates the power of collective action and the unwavering commitment to protecting the interests of advisers and clients alike.

Even though we still have a long way to go in achieving a position that doesn’t impact us, our dedication to advocacy sets a powerful precedent for the future of our profession.

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

One of the most significant things to come out of this year has been the significant shift towards collaboration and mutual support within the financial planning community. Seeing this evolve and demonstrated at events like this year’s Financial Advice Association Australia (FAAA) Congress has been reassuring.

I’m incredibly proud of the PFAN team and the advice community and what we have been able to achieve in 2024. We’ve been able to continuously transform in 2024 by evolving our processes and strengthening our corporate governance and responsibility.

We’ve had an increase from 130 advisers to 145 advisers on our register, which shows that the profession is engaging with what PFAN is trying to achieve for those in need – to help us engage with two more charities (Pancare and MND).

I am really looking forward to what we achieve in 2025.

How has the profession grown over this year?

It’s encouraging to witness a growing emphasis on mental health and wellbeing within our field. Recognising strong support networks as a critical component of professional success is particularly noteworthy.

By fostering a culture of support and shared experience, we can navigate the inherent challenges of our industry and celebrate collective achievements. This collaborative spirit will undoubtedly drive continued growth and success in the future.

How do you wind up business for the year?

The year’s final weeks are intentionally kept clear of standard client meetings. This provides valuable breathing room for the team and me to finalise outstanding tasks and address any urgent matters.

Recognising the collective fatigue that accompanies the end of a demanding year, minimising additional pressure becomes a priority. Creating space and alleviating the typical rush associated with the year-end deadline promotes a healthier and more balanced transition into the holiday season.

Outlook on 2025

How are you feeling about the year to come?

I approach the coming year with a sense of hope tempered by a realistic awareness of the challenges ahead. While legislative changes promise to streamline processes and enhance our ability to serve clients effectively, the pace of regulatory implementation remains a concern.

The timely execution of these reforms is crucial for the overall growth and accessibility of financial advice. Despite potential delays, I am confident that our collective efforts as a profession will pave the way for a more efficient and impactful future.

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

I hope we see some continuity and stabilisation, regardless of who is in power. We have all had a turbulent 2024 already with elections, not even within Australia and understandably, people are nervous about this – creating a sense of calm will help in an already dynamic world undergoing massive upheaval and change.

What do you think needs to be a top priority for 2025?

Encouraging more people to consider financial planning as a career choice while having businesses continue to embrace the diversity of skills (and opinions) that come with differences – we need to see more representation of the public when it comes to advice practices. When I say this, I think of the classic 50 per cent of the population are females, yet we are stagnating at ~20 per cent of advisers being female.

With the intergenerational wealth transfer currently underway, we need to have a stronger sense of diversity across all levels of business (not just the advisers facing the client) to ensure we evolve to meet the needs of the wider public.

Overarching thoughts

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

The most pressing challenge facing our profession is undoubtedly the dwindling number of financial advisers. We’re witnessing a concerning decline in professionals entering the field, potentially threatening the future of financial advice as we know it.

Despite this trend, there’s a glimmer of hope. The recent increase in individuals completing the ASIC exam suggests a renewed interest in financial planning as a career path. Furthermore, the demand for quality advice remains strong, indicating ample opportunity for business growth within the industry.

To address this, we must amplify our efforts to attract and retain talented individuals. Initiatives like those launched by the FAAA are crucial steps in the right direction, but we need a sustained, multi-pronged approach.

This includes actively promoting the positive impact of financial advice and showcasing the fulfilling careers it offers. While the issue of decreasing adviser numbers won’t be solved overnight, we can all inspire a new generation of financial advisers by highlighting the transformative power of our profession and celebrating the good we do.