Clockwise from top left Matt Lawler, Nicola Beswick, Neil Kendall and Nick Hilton.

The industry has done a good job of banding together on sympathetic issues during the Quality of Advice Review, according to a panel discussion, and that collaborative effort can lend itself to improving the image of the industry.

The roundtable, sponsored by AMP, discussed the two-fold branding issue faced by the industry: how does it better connect with Australians to show them the value of advice, while also attracting new entrants to fill the gap left by 12,000 advisers leaving in the last three years?

AMP Advice managing director Matt Lawler said existing clients valued the advice they get but that doesn’t translate over to potential clients.

“We haven’t been great at expressing that to new clients to get a new cohort that haven’t experienced [advice] to come through.”

Tupicoffs managing director Neil Kendall believes identifying how to articulate the value of advice is more valuable than a Statement of Advice.

“The advice we give is often not fully understood,” Kendall said. “The discussion that we have with clients and the value that we add is often missed.”

Because the general population isn’t understanding the value of advice this has the compounding effect of not attracting new financial advisers.

Paul Moran

Moran Partners Financial Planning principal Paul Moran said he’s finding people don’t want to enter the industry because parents of university-age students tell them not to become a financial planner.

“We need to work hard at promoting what we do to that new cohort of advisers that might be coming through in the next decade.”

Without bringing in another 1,000 advisers a year, Moran said, the industry is going to disappear.

Reaching out

Lawler said the major benefit of the Quality of Advice Review so far has been the ability for the industry to speak with one voice, commending the work of the Joint Association Working Group submission.

“We’ve been guilty as a profession over many years of being very fragmented with how we engage regulators, but also the government.”

AMP licensee offer general manager Nick Hilton agreed and said the review is giving the industry its best opportunity to show the value of advice.