Quality of Advice Review lead Michelle Levy discussed in detail her ‘good advice’ proposals with Professional Planner and how the regime would prevent the return of conflicted advice models from major institutions.
The industry hit a new low in terms of adviser numbers, but the evidence showed that advisers willing to commit to professionalism would be rewarded. Meanwhile, Jane Hume’s tenure leading the financial services industry came to an end after Labor’s win in the federal election.
Three consulting firms have joined forces on a submission to the Quality of Advice Review, highlighting the need to follow the UK’s regulatory model of clearly labelling the difference between restricted advice and independent advice models.
The Koda Capital deal with Emigrant Partners has brought attention back to the holy grail of wholesale advice, but Encore's Tom Reddacliff says this model won’t work for everyone. At Professional Planner's Licensee Summit he will be leading a panel on the merits of different advice models and the future of advice businesses.
Addressing how vertically integrated business models are regulated will have to wait another day; the controversial product distribution method that came under heavy scrutiny during the Royal Commission is not mentioned in the advice review’s terms of reference.