The revelations and findings of the 2018 Royal Commission into the industry signalled the beginning-of-the-end of the dominance of institutionally-owned financial advice networks in Australia, with financial product manufacturers and major banks reducing, closing or selling their advice networks. This has led to many advice practices moving to new or more boutique AFSL groups and others looking to a self-licensed outcome.
Yet at the same time as this shift has been underway AFSL groups large and small – as well as self-licensed advice firms – have faced ever-increasing compliance requirements and demand from advisers for comprehensive internal education and training.
This comes at a time when the demand for quality advice has never been greater. Australia is on the doorstep of the largest intergenerational wealth transferring in history – with some $3.5 trillion of wealth set to pass from one generation to the next over the next two decades.
The nature and complexity of advice required for this wealth transfer is requiring advisers to upskill to address increased complexity that comes with this. There is increasing demand for estate and legacy planning, for retirement income advice, for aged care advice, and for strategic investment advice.
But we all need support to deal with the upskilling that’s required to deal with the increased complexity in the nature of the advice and to manage the inherent risks in an increasingly complex legislative and regulatory environment.
That is why we are proud to have developed such depth and breadth of services and solutions to help advice professionals – and why we are so passionate about our vision of providing a service offering for modernised advice practices that is second-to-none.