More digitally focused advice models to roll out
While there are not new advisers joining the industry in droves, the ones that are joining expect the industry to be in the digital world and the next few years will see more e-advice models rolling out, according to Saxo Markets.
Gaye Anable, who works at the firm’s institutional partnerships and solution sales division, said there were people entering the industry but that they already lived in a digital world and expected their day-to-day world to be digitally focused, including their workplace.
Anable noted there had been a change in mindset from advisers to being more comfortable with digital solutions and that the pandemic had accelerated that.
“People are generally excited because they want the industry to continue and want to find a solution to current problems,” she said.
“People want to be able to service that next generation, they know that it's already an issue for them. So, they want to find a solution to fix that and having those solutions are incredibly important to them all.”
However, she said a lot of advisers were still dealing with the issues the industry had experienced over the last few years.
“Australia's long been an innovator in the industry. In this particular space right now there's been so many issues within the industry over a period of time that things have slowed down a bit in terms of actually innovating because they're trying to deal with the day-to-day challenges of operating a business and changing, you know, and dealing with the regulation, etc.,” Anable said.
“I think that's just been a burden, that's been a bit too much for them over the past five to 10 years.”
She noted that issues would not be solved overnight and would continue to play out over the next couple of years, but the end result would see a very different industry.
“It will be one that's very much more professional, supported, and trusted – these are key things,” she said.
“When it comes down to it, you need to trust the people who are actually managing your money or advising you where your money should be because money does matter.”
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.
