Advice Business Sustainability in 2013

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What three issues will have the biggest impact on the profitability of your advice practice in 2013?
  • FSC 3-year responsibility period (28%)
  • Opt-in implementation (22%)
  • State of the national economy (11%)
  • APES 230 commissions ban (11%)
  • Investment/super commissions ban (10%)
  • New advice business model (9%)
  • Transition to fee for advice model (6%)
  • Other issues (3%)

At the beginning of what is certain to be a year of change for the financial advice sector, our first poll for 2013 is asking you to consider the year ahead:

What three issues will have the biggest impact on the profitability of your advice practice in 2013?

This time last year, FoFA loomed large, where the greatest concern for advisers was the implementation of the opt-in process by 1 July 2012. With opt-in now pushed back to 1 July 2013, does this issue remain your greatest concern for the sustainability of your business?

Do you see a positive, ‘up-side’ this year? Are you changing your business advice model to reach the next level? Are you transitioning to fee for advice to ensure compliance and a more sustainable business model?

Or do you see more down-side? To what extent will your business be affected by the Financial Services Council’s three-year responsibility period policy on replacement life insurance business? How many of you will be impacted by the Accounting Professional and Ethical Standards Board’s plan to ban its accountant members from receiving any commissions, including risk insurance?

We know that many advice practices will face similar issues in 2013. You are not alone! But each practice will also experience its own, unique issues, which will have either a positive or negative impact on the sustainability of the business. While there are many possibilities, we are asking you to pick the three issues from our short-list that you think will have the greatest impact on your bottom line this year.

As always, let us know what you think, as you gaze into your crystal ball for 2013…



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