‘Outrageously optimistic’ for the year ahead

Takeaways from 2024

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

I’d say the clarification around tax deductibility. It’s going to lead to some more work for us to all apportion our costs etc, but the framework is pretty clear and very usable.

What was the biggest achievement for the profession this year?

Again, I’d say the deductibility piece. At a less tangible level though, I feel as though the merger of the two associations into the Financial Advice Association Australia (FAAA) has given us a more effective, more persuasive voice in Canberra.

How has the profession grown over the year?

There’s a real feeling of collegiality among advisers now. The culture of referring to other advisers is a sign of how we’re maturing as a profession.

What shocked you this year?

It’s a bit of a plug, but we’ve honestly been astonished at how many people have listened to our Challenge the Standard podcast – and just who has been listening, too.

How do you wind up business for the year?

We close the books the Friday before the end of the year, so that we have a week to close off all those open tasks and just clear the decks. That way the team and I go into the holiday period less stressed and – ideally – having had the time to knock off most of our Christmas shopping a bit early!

Outlook on 2025

What are you hoping to come out of next year?

At a business level, I want us to drastically improve our processes and move closer to our goals.

For the profession, I have no real expectations. I’d love to see more advisers get involved in the broader conversation around advice and we can see that community just keep growing and deepening. It really is one of the best things about being an adviser in a smaller profession.

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

Outrageously optimistic. There’s never been a better time to be a true, professional financial adviser. All the noise about everything else is just that, noise. Advice is better, it’s more complex, it’s more powerful and, if we’re doing it right, it’s more profitable.

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

That regardless of the colour of their seat, or the party logo, they’re not going to fix anything in advice. Expecting the people who broke it to fix the issues is a recipe for frustration.

The good news is that the bigger problems advisers face can be fixed by advisers today – we don’t need more political interference to help us build better, impactful practices.

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

Growing the profession – we need more people finding out about the benefits of being an adviser, and then choosing the mad path of financial advice for their career. But this needs to be a 10–15-year priority or else we’re facing an existential crisis in the not-too-distant future.

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

To find more clients with more challenging problems that we can fix for them. That, and maybe take some more holidays!

Overarching thoughts

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

For me, it’s licensing. It’s always licensing. I don’t believe the current AFSL system is fit for purpose, and it needs to be completely abolished. This will reduce costs across the profession, allow advisers to take sole responsibility for their advice and conduct, and avoid the expensive – and damaging – duplication that plagues the profession.