What advisers want to see in 2013
Institute of Financial Advisers president Nigel Tate said he would like to see a bit more promotion from regulators about who advisers are, what they do and how they are qualified.
“A lot of practitioners are spending a lot of time explaining that to consumers but many say ‘I don’t care, I’ve known you for 20 years, where do I sign?’”
Tate expects the introduction within 12 months of some form of simplified disclosure regime, similar to that used in Australia by ASIC, to allow advisers to more easily scale their advice.
“Scaled advice doesn’t necessarily mean lower quality advice but it’s not so in-depth and doesn’t have to be a 20-page document; you can do four to five pages and make it a bit simpler.”
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