Mr Hare highlights the pivotal moment when the AFA and FPA joined forces to establish the FAAA, emphasising the significance of a unified professional association in shaping the financial advice sector’s future.
What event stood out to you in 2023 as crucial to advisers and how they do business?
The announcement and subsequent merger of the AFA and FPA to form the FAAA was significant. To have a single professional association representing much of the profession is important to ensure alignment among stakeholders within the industry, a prominent voice to Parliament on proposed policy/legislative change and the ability for the advice profession to connect under the one association.
How do you feel going into 2024? Is it optimism, trepidation, or a bit of both?
Very optimistic. With technology being a key driver of growth, we’ve embraced several new platforms that are going to drive greater efficiencies within our firm, deliver a better member experience and set us up for longer-term, sustainable success.
What are your expectations and wishes for 2024 and what do you expect will be the reality?
I hope that we will have greater flexibility around how advice is presented to members and that advice fees become tax deductible. Having greater control over what the statement of advice looks like will enable us to deliver advice clearly, concise, and directly meets the members goals and objectives. The deductibility of advice fees will make advice more accessible to more Australians.
What will your personal focus in 2024 be?
With interest rates much higher than members are used to, inflation above the RBA’s preferred range and high levels of debt we’ll be focused on balancing debt reduction strategies and broader investment strategies. Furthermore, we’ll be exploring additional ESG and impact investing solutions, which has been driven by member demand.
Do you expect the advice landscape to change next year?
Off the back of QAR, I expect change, but I expect it to be slow. The big end of town took years to exit advice and lost millions in the process, I don’t expect they’ll jump back in too fast.
