Clayton Daniel (left), Michelle Levy and Matt Rady

Earlier this week Professional Planner began reviewing the most read stories of the year and before we get to the top half of list there are a few honourable mentions to acknowledge.

With a professional still in transition, former financial services Jane Hume was left in the unenviable position of defending progress while then opposition financial services minister Stephen Jones could highlight any shortcomings.

The much-anticipated Buyers of Last Resort class action commenced which presented evidence that AMP moved to change the terms of the BOLR agreement because of the expected exodus of advisers due to the Hayne Royal Commission.

On a positive note, CFS unveiled a preview of the Edge platform it created in partnership with FNZ at an exclusive event at the Sydney Opera House.

Anyway, back to the list.

(5) The unlikely recruiting pool Ensombl sees for advice

XY Adviser has become a highly popular social media for advice professionals and with plans to take the service global, but trademarking issues meant re-branding to a new name and identity: Ensombl.

Although part of the re-brand was focused on global growth, domestically Ensombl wanted to position itself as a leading social media platform and continuing professional development service.

Even more ambitiously, the platform wanted to help recruit to the industry – borrowing an idea from AMP Horizons to target the accounting and nursing professions to recruit.

“We think we can reach into those professions and pluck people out and pull them across into financial advice,” Ensombl chief executive Clayton Daniel said.

(4) ‘Good advice’ and ‘bad advice’: How Levy wants to regulate

Inevitably, Quality of Advice Review lead Michelle Levy’s proposals was going to be among the best read topics for the year. What Levy suggested was more than simply a wish list of reducing regulatory red tape; she ambitiously designed the architecture of a simplified regulatory framework for advice professionals to use their own judgement in a principals-based regime.

However, it came with its own potential downside – the freer regulatory barrier led to fears large institutions would find it easy to re-enter the industry to give conflicted, product-driven advice.

In a follow up to her proposals, Levy spoke on a webinar hosted by Professional Planner. In another honourable mention for the top 10 list, she explained how the process of ‘good advice’ meant institutions and product producers wouldn’t be allowed to return to conflicted advice models because the foundation of her regime meant advice had to be given in the best interest of the client.