Unlike last year, in many ways, 2023 was all about the Quality of Advice Review (QAR). From the release of the final report in February to the government’s initial response in June, its unsatisfactory first tranche announcement in November, and its irritating final release in December, it’s safe to say we’re all QAR-ed out.
QAR fatigue has well and truly set in, but we have more battles to conquer in the new year courtesy of Minister for Financial Services, Stephen Jones. While he swore to help the profession prosper, what he has actually left us with is nothing short of a sizzling hot mess (pun intended).
Prior to the December judgment call, we held optimistic expectations that Mr Jones’ dedicated investment of time in the advice profession in 2023 would yield tangible benefits for advisers in 2024.
How things have changed.
Advisers now mostly want him to step away and stop meddling in affairs he clearly doesn’t understand.
So as 2024 nears, advisers are bracing for another round of tireless lobbying in a bid to ensure employees of banks, superannuation funds and insurers aren’t bestowed a title they do not deserve, a title that will certainly cause more harm than good to consumers Australia-wide.
But 2023 was not all doom and gloom. Coming from a year of exhaustion, which 2022 very much was, the adviser exodus slowed and the industry showed unity unlike anything seen in a long time.
Professionalism lifted, the trend towards self-licensing persisted, and advisers really became the talk of the town as Aussies began to concern themselves with their retirement and the impending great wealth transfer.
So, as Mr Jones carefully considers an alternate name for employees of institutions, again between servings of ham and lamingtons, I wanted to take this opportunity to wish you all a happy holiday season and lots of success in the new year.
Let’s hope next year will be one of prosperity and good health for the industry!
While ifa will continue to publish useful and unique content over the holiday period, next year we look forward to bringing you the latest news from the industry and, of course, Mr Jones’ anticipated apology.
Advisers mostly went into 2023 with a positive outlook, this is not the case in 2024 when depression and a realisation that financial planning as a profession is doomed in Australia abounds.
Steven Jones didn’t get it before Labor was in government.
Steven Jones doesn’t get it now!
What a great summary… Thank you Maja! happy new year
Thanks for fixing the hot mess Stephen not.
Thank you IFA for balanced reporting compared to other industry and profession specific reporting which is so clearly bias. Hopefully everyone’s Christmas wish comes true and there is some reprieve of the choking regulation fir retail advisers
I hope all the Advisers that said Steven Jones would be good for our industry are willing to eat humble pie.
Steven and Labor are just looking out for their union mates, industry super fund mates and bank mates.
Australia would do well to never have a Labor again, other than just as a punctuation between decade long Liberal Coalition governments.
“Advisers now mostly want him to step away and stop meddling in affairs he clearly doesn’t understand.”
If only this statement (in bold letters) could make it to Jones desk in Canberrra. If not, don’t forget when the election rolls around.