How would you cut advice costs?
Financial advisers have delivered a sceptical response to suggestions from the Government and the Australian Securities and Investments Commission (ASIC) that the cost of financial advice can be driven down via the increased use of technology and making access to scaled advice easier.
The suggestions, flowing from this week’s Financial Services Council (FSC) financial advice summit, were followed by strong calls from the Financial Planning Association for a pragmatic approach to reducing costs, including rolling the functions of the Financial Adviser Standards and Ethics Authority (FASEA) into the proposed new Financial Advice Single Disciplinary body.
A number of questions have been raised in the aftermath of the FSC summit prompting Money Management to survey its readers about their views on scaled advice and lower costs in the industry.
Please complete the survey here.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
