From the editor

The 2019 Entries From the editor

In safe hands

A recent study from the Financial Planning Association of Australia and MYMAVINS found that those who receive financial advice enjoy a better quality of life. And this was consistent across all age groups and on all metrics.

Financial security, comfort with level of wealth, you name it – those who receive advice are reporting having more of it. The findings are a boon for the advice industry, particularly at a time of great uncertainty.

The Quality of Advice Review is expected to drop its final report in mid-December. If the proposals within its interim paper are anything to go by, the potential reforms to come could turn the industry on its head. At the same time, the Australian Law Reform Commission is tasked with reviewing financial services laws with a view to removing the “clutter” that’s causing compliance headaches.

While there are no silver bullets, these two initiatives combined stand to solve a significant chunk of the issues that have plagued advisers

FS Power50

in recent times, driving up the cost of doing business and of advice.

Of course, in estimating the luster of the sector’s future, there are other factors to consider and some of the QAR proposals have a flip side. For instance, allowing super funds to offer advice may present challenges for the majority of advisers for whom pre-retirees and retirees are their bread and butter.

This is where having a truly unique value proposition comes in, something that sets you apart from the crowd. It could be an innovative business model, like Finnacle’s Daniel Thompson and Prashant Nagarajan, a personal mandate to empower marginalised communities like Fox & Hare’s Glen Hare, or being part of a new generation of female leaders in the industry like TWD’s Dawn Thomas, Yield Advisory’s Morgan Hayward, or Kearsten James from Addi House.

It’s them and the 44 other advisers recognised that are the future of advice doing what they can to ensure as many people as possible enjoy a greater quality of life.

While this year has seen adviser numbers drop further and much of the industry’s collective knowledge and experience go with it, if this list is any indication of the sector’s fate, it’s fair to say that it’s in safe hands.

Jamie Williamson

editor Financial Standard