From industry-shaping consolidations and long-awaited consultations, advisers have been inundated with breaking news year-round.
As 2023 comes to a close, let’s have a look back at the most-read stories on ifa this year.
5. ART to unveil end-to-end digital advice platform, not pro-vertical integration
Speaking at the Australian Retirement Trust’s (ART) investment panel for advisers in March, Anne Fuchs, the fund’s head of advice, revealed plans to begin work on a new advice offering for its members.
While clarifying that it does not plan to introduce comprehensive advice, ART did see itself playing a key role in the future of the industry.
Of course, quite a bit has happened in the advice landscape since then — it will be interesting to see how this offering fits into a post-QAR environment.
Read more here.
4. ‘Great outcome for common sense’: Experience pathway passes Parliament
Following Minister for Financial Services Stephen Jones introducing the Treasury Laws Amendment (2023 Measures No. 3) Bill 2023 to Parliament in June, ifa learnt in September that the experienced pathway passed both houses.
Reacting to the bill’s passage, the executive director of the Association of Independently Owned Financial Professionals (AIOFP), Peter Johnston, said it is “a great outcome for common sense”.
The story’s comment section is slightly divided on that take.
Read more here.
3. Big four bank hints at return to limited financial advice
In March, Westpac chief executive officer Peter King reflected on the QAR, specifically discussing the recommendation made by Michelle Levy, the lead of the review, that banks and other entities should be incentivised to offer advice.
Mr King suggested that while the big four has no plans to return to the high-net-worth end of town, it could play a role in making the financial advice system more accessible and effective in addressing the financial literacy gap in Australia.
Perhaps this is slightly reminiscent of ART’s own claims featured in fifth place on this list — and again, the landscape has changed a lot in a short few months.
Read more here.
2. Jones introduces ‘qualified advisers’ for banks, insurers, and super
Quick to take second place for most read story this year was Minister Jones in December saying that the government supports the creation of a new class of financial advice providers – to be termed “qualified advisers”.
As per recommendation 3 in the QAR, this new class of advisers will not be able to charge a fee or receive a commission relating to the personal advice they provide.
With a whopping 93 comments, advisers had a lot to say about this industry update, dropped on us just a few weeks ago.
Read more here.
1. FPA and AFA officially merge to become the FAAA
Admittedly, ifa was slightly shocked to see that this year’s frontrunner wasn’t QAR related.
Nonetheless, the Financial Planning Association of Australia (FPA) and the Association of Financial Advisers (AFA) completing their merger in April to form the Financial Advice Association Australia (FAAA) certainly caused some noise in the advice community.
Not to be confused with the Flight Attendants Association of Australia, the formation of the FAAA had been many months, even years, in the making.
Read more here.
