As noted in the Professional Planner Year In Review series run over the last couple of weeks, there was no slowdown of major news in the past year.
Unsurprisingly the Quality of Advice Review was the most topical across the industry. The review was three years in the making and additionally included the Life Insurance Framework review inside its remit.
However, this year saw plenty of comings and goings, mergers and acquisitions, and launches.
Here are the top 10 most read stories on Professional Planner in 2022.
(10) ‘Not going to cut it’: Advisers can’t restrict themselves to under 100 clients
One of three stories related to Professional Planner’s marquee event, Licensee Summit, that made the list, Elixir Consulting managing director Sue Viskovic said double digit client numbers are insufficient for the industry.
“I see this as a huge challenge for the advice profession, to lift the capacity of advisers,” Viskovic said. “Advisers are saying they can handle 80 to 100 clients per adviser – that’s just not going to cut it.”
(9) Fee consent forms leave advisers ‘in tears’: FPA chief
Also from the Licensee Summit was Financial Planning Association chief executive Sarah Abood’s criticism of the fee consent regime – a timely complaint amid the approaching financial year deadline for advisers to get renewal forms completed.
The crux of the issue is the lack of standardisation with forms across in the industry. While the product producers may work to fix the issue themselves, it is also possible the Quality of Advice Review may lead to its removal – lead of the review Michelle Levy has recommended to do so, but it will ultimately come to the decision of financial services minister Stephen Jones.
(8) ‘Every sin in the book’: AMP charts path in the shadow of Dixons Advisory
Although AMP chief executive Alexis George had only been in the job for around six months, when the leader of the company infamous for its vertically integrated business model calls out another one, people were going to notice.
In fairness to George, she was never responsible for AMP’s previous model and has worked to eliminate any conflicts out of the business – including selling off AMP Capital. George and AMP Advice managing director Matt Lawler have been transparent through their tenure at the company that the intention is for every part of the business to be self-sustaining.
(7) CFS puts threshold on super advice fees
Adjusting guidance given by ASIC and APRA, CFS adjusted the thresholds for advice fees that could be claimed.
(6) ‘Tangibly angry’ advisers rally over degree carve-out plan
At the end of December 2021, then opposition financial services minister Stephen Jones announced the experience pathway which then financial services minister Jane Hume then put up for consultation.
The impromptu decision from Hume to launch the consult caught the industry on the back foot and after spending the last few years keeping their heads down and going about their business, several advisers spoke up about the proposed pathway and how it placed professionalism in the industry at risk.
Tomorrow’s newsletter will include the top five stories for 2022.
