Calls for unity among advisers to protect the profession’s future

Speaking with ifa, financial adviser at Complete Wealth Dr Ben Neilson reflected on the previous mistreatment of the advice profession at the hands of ill-suited regulations in recent years and the need for a combined effort to fight against further harm.

“The increasing burden of unnecessary regulatory introduction threatens to stifle our ability to deliver quality advice. While regulation plays a vital role in ensuring ethical standards, a one-size-fits-all approach often creates administrative bottlenecks that detract from client service,” Neilson said.

“By pushing back against changes that don’t align with the best interests of our clients, we can protect the integrity and purpose of financial advice.

“Now is the time for the advice sector to be progressive rather than reactive. Let’s unite to create a space where we can thrive – championing policies that support advisers, investing in tools that enhance efficiency, and fostering a culture of innovation and self-regulation.”

Recent years have also seen many argue the case for advisers to be able to self-regulate, to both protect themselves and bring them up to par with other professions, an issue to which Neilson believes there has been some progress.

“Self-regulation is becoming more than an aspiration – it’s a tangible goal. Through adherence to high professional standards and ongoing education, we’re proving that advisers are capable of governing themselves effectively,” he said.

Though Neilson acknowledged the progress of the profession over recent years, he also noted the need for sustaining momentum as they strive for greater efficiency and the dangers of complacency for their future.

“Streamlined administration, supported by technology and smarter practices, will enable us to serve more clients and extend our material impact,” he said.

“The alternative is a cautionary tale. Without a unified voice advocating for practical, client-centred reforms, we risk being continually subjected to regulatory measures that are misaligned with client needs.

“This cycle hampers growth, alienates potential clients and undermines our profession’s credibility.”

Finally, Neilson noted the importance of holding fast against misregulation to improve circumstances not only for advisers, but also for their current and future clients.

“Together, we can build a profession that is not only resilient to external pressures but also recognised as an essential service that transforms lives,” he said.