But the term ‘qualified advisers’ sparked more than a few double-takes. It’s a title that’s stirring up quite the storm, and honestly, it couldn’t be more off the mark if it tried.
I think this change will create a two-tier system. It’s like having a baby and choosing between a private obstetrician and the public system. I went private for the personalised care and I see financial advice headed in a similar direction. Clients will choose based on the value they place on personalised advice and long-term relationships.
Heading into 2024 – a wave of optimism
As we edge closer to 2024, I’m riding a wave of optimism.
The advisory landscape has so much opportunity. Virtual businesses are the new norm, meaning we can connect with clients nationwide and tap into global talent pools for our teams.
AI is just warming up. Tools like Read AI and Fireflies are revolutionising client meetings with instant transcripts. You can now wrap up a meeting with a summary and action items already in hand. And now you can create your own My GPT – which I can see so many uses for, e.g. My GPT Financial Adviser can be your co-pilot armed with every legislative update and technical guide. Someone you can bounce strategy ideas with and even help with para-planner handover.
And let’s not forget – more people are hitting retirement than ever before and we’re on the verge of the greatest wealth transfer in history.
2024 wishes v reality – collaborative AI and licensee initiatives
My wish for 2024? I’d love to see licensees pull together, harnessing AI collaboratively to create tech initiatives that benefit all advisers.
I can see so many uses for AI.
Imagine a collective AI technical support, available 24/7 for instant, accurate technical and strategy advice or an AI compliance tool – the notion of an annual audit could cease to exist as everything is checked in real-time.
However, I’m not holding my breath for a group hug in the licensee community. The reality is that early adopters of AI will likely guard their new competitive edge closely – which I can’t blame them for.
My personal focus for 2024? Empowering advisers
I just received my 20-year FPA pin at the recent FAAA conference, and wow, does time fly!
Looking ahead to 2024, my focus is clear: I’m here to give back to the financial advice community. This past year has been a testament to the fact that the strategies I’ve honed over the years aren’t unique to me—they’re teachable, scalable, and have already begun to transform other advice businesses I have coached in 2023.
As I step into my 40s, I’m looking to make waves that ripple out further than ever before. So, in a move to champion a cause close to my heart, I’m waving goodbye to speaking fees for financial adviser events in 2024. Instead, I invite licensees, associations, or fund managers to support RizeUp with a donation of their choosing. Their incredible mission is to combat domestic and family violence, offering a fresh start to those affected.
If you’re planning an adviser event in 2024 and seek a professional speaker who brings practical, tested, and adviser-approved scaling strategies to the table, let’s connect. Send me a message on LinkedIn with the word ‘SPEAKER’, and I’ll send you my speaker pack.
A changing advice landscape? Predictions for 2024
Banks and super funds re-entering advice won’t alone solve the advice gap.
They’ll lean into AI to help with the strategy and technical advice.
This will free up their human advisers to focus on irreplaceable soft skills and client relationships.
The ability to coach, empathise, and connect will be in high demand – those are the human touches AI can’t replicate … yet.
And in the not-too-distant future, I would expect to see an AI financial buddy from your bank, like ‘Sally’, who’ll feel like a friend checking in.
Adele Martin, founder of My Money Buddy and The Savings Squad
Gee, I’ve been a member of the FPA for over 20 years and I never received a Pin on my 20 year anniversary 4 years ago…