Inwood presenting at last year's Licensee Summit

The future of financial advice is being shaped today, as licensees and advisers find new ways of working together to streamline the delivery of advice to clients, and to improve the financial performance of advisers’ businesses.

But effective change can’t happen inside a vacuum, and it is fundamentally affected by the impact of regulatory reform and government policy decisions. Those processes don’t always go smoothly, and the implementation of the Delivering Better Financial Outcomes legislation is a current case in point.

A profession-wide understanding of advisers’ experiences, opinions, processes and business structures is critical to identify best practice, and also to identify specific pain points that should be brought to the attention of government, regulators, associations and licensees.

The CoreData Future of Financial Advice research is designed to reflect the shared experiences and expertise of financial advisers across the country to create a context for fostering innovation and change and to identify where it’s needed most.

The survey is now open to all financial advisers and is structured to take about 15 minutes to complete.

CoreData Research APAC chief executive officer Dean Thomas says the results of the survey facilitate conversations and advocate for advisers with licensees, service providers, regulators, government, and the media.

Dean Thomas

“We use the results of the surveys to, one, speak to the licensee heads directly to raise issues or concerns that they need to be aware of associated with helping advisers be more productive,” Thomas tells Professional Planner.

“It’s a narrative back to the licensees themselves, to understand some of the pain points that the broader market is experiencing.”

Thomas adds this allows them to speak to the product providers in the industry – technology providers, insurance providers, and asset managers – around pressures that advisers are feeling to help them modify or change practices or to allow advisers to be more efficient.

“It is [also] to be able to speak to the regulators, both ASIC and the government, around what is really impacting advisers and their ability to provide quality advice at an appropriate level – what are those obstacles for advisers to really serve as more Australians, particularly in a time when we are seeing a significant ageing of the population, and the need for advice never being greater,” Thomas says.

The results of the survey will also be presented by CoreData founder Andrew Inwood to the licensee heads who attend the Professional Planner Licensee Summit on 18-19 June. Registrations for the event are now open.

Thomas says an important facet of the research is to help identify best practice among different cohorts of advisers, and within licensee networks.

“It allows us to speak to the licensee heads directly around both concerns that are coming from their network, but more importantly, what best practice looks like,” he says.

“They can help modify either their policies, procedures, or technology, to aid their advisers to provide greater advice.”

Thomas says the survey requires advisers to provide some basic metrics about their respective businesses, but they “should be able to answer those questions without the need to go through any significant amount of research”.

“These are questions that they should know off the top of their head from working in a practice and dealing with customers,” Thomas says.

In return for competing the survey respondents will be sent the survey results so they can see where they stand relative to the rest of the industry. In addition, CoreData is offering a $40 gift card to all advisers who complete it.