Did you attend Professional Planner’s Licensee Summit in the Blue Mountains on 7-8 June? In case you missed it, the two-day Summit focused on best-in-class digital advice offering and exploring emerging customer and business models to increase ROI to accelerate business growth and profitability.

Our very own ex-NSW Premier Nathan Rees, Head of External Affairs and Public Policy, facilitated a workshop on Advice for the Decade to Come – providing the opportunity for senior leaders within the industry to collaborate together around a series of key themes including regulation, business models, technology, education and culture to reinvigorate the professionalism and performance of advice in Australia. The top three take-outs from the workshop were:

  1. Policy settings around SCG have been an example of a good outcome vs FASEA and other regulatory change in financial services which has resulted in a shrinking advice industry with 23,000 advisers in 2021 and heading to a predicted 18,000 by 2023. No single body exists in the industry to represent the consolidated voice of the participants, we need to align ourselves with one voice to engage Government.
  2. The unintended consequence of the reduction in planners is a whole generation potentially not having access to professional, and ethical advice either at the beginning or end of their working life. This accessibility issue will only worsen with the cost to recruit, train and remunerate a new planner from university far exceeding many licensees appetite.
  3. The pressure on existing business models is increasing. The technology influence is critical for the streamlining of the regime to minimise the administrative cost of providing advice and set a regulatory framework that matches this.

As platinum sponsors of the event, we were delighted to see the industry come together after an unforeseen 2020 and look forward to being part of many more productive conversations to drive the industry into the future.