Financial services minister Stephen Jones has spent the summer digesting the Quality of Advice final report.

The Michelle Levy-authored report, which is expected to be publicly released imminently, will usher in a new economic era for financial advice.

While proposed changes need to be considered through the parliamentary process, if the draft report is an accurate indicator, there are some recommendations that are sensible to progress more quickly. It’s time to move forward on measures that improve access to advice.

If and when the overly tight compliance shackles come off, advisers must decide how they will respond.

The government, regulators and media will be watching to see if the industry can self-regulate.

There is no question that the current regulatory framework is unnecessarily burdensome, which has driven up the cost of compliance and, in turn, advice.

But it has also gotten the industry to the cusp of professionalism. It has removed cross subsidisation, lifted education standards, and forced businesses to get organised, implement systems and processes, and strive for requisite scale.

Businesses that have survived the last five years are in good shape.

Notwithstanding a short-term dip in profitability due to the end of grandfathered rebates and commissions, they are strongly positioned for the future.

Maintaining that position will mean holding on to some practices, long after they have stopped being law.

Consider Treasury’s recommendation to scrap statements of advice (SOAs).

SOAs, in their current form, can go every day of the week. They are lengthy, complex and costly to produce. Few clients read them.

However, clear, concise and effective client communication is critically important, as is record keeping.

The original principles and objectives behind the introduction of SOAs remain true: clients should be informed about the basis of advice including potential benefits, risks and consequences, in order to make informed decisions. Information on remuneration, costs and conflicts of interest should be clearly disclosed and explained.