Reforms should not steal industry focus
Advisers need to ensure clients remain at the forefront despite the industry's focus on upcoming regulatory change, according to Dixon Advisory.
While upcoming government reforms have taken the spotlight in the financial services industry in the lead up to the mandatory 1 July start date, Dixon have stressed the importance of advisers retaining a focus on their value propositions.
"The potential changes to the way that advisers provide their advice does mean that for a lot of firms out there, they need to focus on their value propositions and rethink how they have a dialogue with their clients," Dixon managing director and chief executive Chris Brown said.
"So the challenge is to have enough time and resources to undertake the changes to the business and continue to service clients, which will be a big undertaking for many operators."
While Dixon has used a fee for service mechanism since the company's inception, it has said ensuring compliance to government reforms will take much of its focus coming into 2013.
With interest in self-managed super funds (SMSFs) continuing to boom, Dixon have said adapting to changes has certainly stolen focus in that industry sector.
"From a market point of view, in terms of people who advise SMSFs or assist SMSFs, this is definitely a year of adaptation to new regulations, and there is certainly a lot of focus on it within the industry," Mr Brown said.
"I think there is still a lot of work in terms of compliance behind advice. But for us, it's not going to change what we advise our clients to do, it's just about making sure we have the correct documentation behind the advice that we provide."
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