2012 to be a good year for financial advisers

There are a number of positives that will make 2012 a good year for financial advisers despite a tough economic environment, according to Equity Trustees (EQT) head of wealth management Phil Galagher.

Financial advisers should keep in mind that there will be around 255,000 baby boomers reaching retirement next year who will be in need of financial advice because of the increasingly complex rules regarding superannuation , Galagher said.

Furthermore, clarity around regulatory changes should also help financial advisers gain better business outlooks.

"After a long period of regulatory uncertainty about financial planning and continuing criticism of financial planners brought about by the changes being discussed, things should settle down in 2012 with planners having a better understanding of the regulatory regime affecting them," he said.

"At the same time, we will also almost certainly see changes to personal taxation and adjustments to superannuation rules continue, meaning more uncertainty for savers and investors and a greater need for financial advice."

Galagher also pointed to the Australian Bureau of Statistics figures, which show that an increasing number of baby boomers will turn 65 every year for the next 17 years, culminating in 312,000 Australians who will reach retirement age in 2028.

"Many of these new retirees will need financial advice from skilled financial planners if they are to take full advantage of all the opportunities available to maximise their retirement income," Galagher said.