Mentor founder and managing director Mark Sinclair made the comments as part of his insight into the future of the advice sector beyond 2024, the Hayne royal commission and FASEA.
“The days of the stereotypical adviser being a one-dimensional risk, investment, SMSF or retirement specialist is rapidly disappearing and a broader skill set required to tap into an ever-changing and evolving client environment,” Dr Sinclair said.
“For finance, accounting and broker practitioners, it has meant access to courses in broking, aged care, real estate, accounting, as well as HR, management, leadership, productivity improvement etc.”
The comments come as it accredits its 500th financial adviser under its study program developed in collaboration with DomaCom specifically for its DomaCom Fund.
DomaCom said it is currently working towards an equity release product aimed at senior Australians.
Domacom “working towards an equity release aimed at older Australians.” Be better if Domacom was working towards generating some revenue. Somehow this ‘business’ spent $2.6m on salaries, almost $1 million on ‘professional fees’ and more than $500k on advertising… to earn $140k in revenue.
The days of the specialist are far from over. Labelling a specialist as ‘one dimensional’ is entirely ignorant. As a specialist, I have always maintained my accreditation across all elements of advice and am freely able to provide advice on any topic. However, I specialise as I know that it places me in a position where no generalist is able to match my level of advice given they dabble in everything while I do this all day, everyday.
The idea that an education provider feels even remotely equipped to comment on something like this is laughable.
Mark Sinclair has consistently delivered mixed messages based entirely on self interest. Research it if in doubt.
Accountants have different levels of services the accountant down the road does very different work to an accountant at KPMG for a corp and that is the main point some planners don’t want to offer that service and they shouldn’t be forced to if they don’t want too. It is no different to a planner at industry fund having to have qualifications for SMSF it is irrelevant to what services they provide