The head of AMP is confident practices in the company’s advice network will see 15 to 20 per cent capacity increases if the Quality of Advice Review changes are implemented, based on feedback from its advisers.

“That’s significant,” AMP chief executive Alexis George said at the Professional Planner Licensee Summit in Katoomba, in the Blue Mountains west of Sydney, on Monday. “I do think it will allow those advisers to see more customers.”

The Minister for Financial Services Stephen Jones announced his response to the QAR in the previous week at a breakfast hosted by the Association of Superannuation Funds of Australia.

The government’s response has been split into three streams with the first focused on “quick wins”, particularly around those for financial advice, while stream two focuses on the expansion of intrafund advice.

AMP Advice CEO Matt Lawler noted after the announcement his hope for a 15 to 30 per cent increase in adviser capacity if the proposals are implemented properly.

George said she would like the changes in advice to go further and tackle general advice which is going to be necessary to help educate Australians and improve financial literacy. “We do have to face into the general advice issue that exists in my mind,” she said.

George, who attended the ASFA breakfast, said she was unsure what the second stream will mean and how it will affect what advice can be given by super funds.

“I understand the minister was trying to tackle the retirement issue and he sees that as a big issue,” George said.

“But there’s a much broader problem here and we’ve got a way to go in understanding the educational requirements of that advice and what he thinks the scope will be.”

She added that although it may not solve the broader advice problem, it’s the best step forward the industry has had in a long time. “Let’s encourage the minister to be brave and take more steps forward.”

Insignia Financial CEO Renato Mota said the advice accessibility and affordability issue is a complex dilemma that has no silver bullet solution.

“There’s not going to be one answer,” Mota said. “I’m hopeful there is a combination of a series of different answers that nudge us in a different direction.”

Mota referred to the objective of QAR, which was to examine ways to improve the accessibility and affordability of advice, noting improvements in efficiency will help accessibility.

“The affordability question is an important one, but we shouldn’t lose sight of the value that’s created because we very quickly go to price – and price is important – but the value that’s been created is manifest,” Mota said.