Takeaways from 2024
What was the most significant thing (good or bad) to come out of this year?
I believe there’s been an increased focus on protection of vulnerable clients. Hopefully, improved regulation around financial and elder abuse will continue. Challenges continue with compliance burdens and, for many, the talent shortage.
How has the profession grown over the year?
I think there’s been more collaboration. Many advisers are embracing mentorship, peer learning and sharing of resources. Those within sharing communities, such as MDRT and Ensombl, seem to be loving the community spirit, which in turn, strengthens many smaller practices to thrive and survive.
What was the biggest achievement for the profession this year?
The increased recognition of financial advisers as essential service providers, particularly in supporting Australians through economic volatility, has been a personal and largely quiet highlight.
What shocked you this year?
The incredible speed of technological adoption, advancement and integration in the profession continues at a rapid pace. Knowing what AI tools and platforms can best help advisers is leaving many scrambling to adapt.
How do you wind up business for the year?
Like most years – with both reflection and preparation.
Finalising our end of year reviews, ensuring compliance is OK and pondering how to continue to be more efficient and cut costs with looming unknowns like the CSLR impositions.
Setting clear goals and marking out big events for the coming year helps me to feel organised going into 2025. I’d also like to take the time to acknowledge my teams’ efforts and celebrate our wins.
Outlook on 2025
How are you feeling about the year to come and why?
Optimistic. I think higher interest rates will present challenges for longer, with cost-of-living issues. Hopefully, a great acceptance by the public and understanding the value of advice will see more embracing our services.
An election can mean change, both at home and abroad so it will be interesting to navigate those uncertainties also.
What do you think needs to be a top priority for 2025?
Continuing to simplify advice processes and make advice easier and affordable for more Australians is vital. Accessibility and affordability remain barriers.
