Poll Results – Future of Risk Practices

The results of our latest poll suggest a greater proportion of risk advisers are confident they’ll continue in their current roles, but selling up or changing the nature of their advice proposition remains a prospect for many.

A year ago, only 40% of those voting in a poll asking exactly the same question indicated they were most likely retain their personal advice proposition in the short-to-medium term. Twelve months on, this number has increased to 54%, although some may argue this increase reflects the changing adviser demographic in Australia following the departure of many risk focussed advisers in 12 months since we last asked this question.

Irrespective of the changed results indicating a higher proportion of advisers are looking to maintain their current advice proposition, around one in three taking our poll still say they’re either going to sell their book of business (25%) or move to a general advice-only proposition (9%), possibly for a number of those who – for whatever reason – will not successfully complete the transitional Adviser Exam.

One comment we received from now-retired NSW adviser, Jeremy Wright, succinctly encapsulates at least a part of the issue, when he observed that the only way forward for any business is if there’s sufficient reason and opportunity.

If you’re a risk specialist adviser or even for those who include risk advice in a broader advice proposition, is there sufficient reason and opportunity in your own business to continue down the path you’re currently travelling? Will you give incoming Financial Services Minister, Stephen Jones, some time to fulfil his promise to ‘fix’ the financial advice sector? Are you awaiting the outcome of Treasury’s end-of-year Quality of Advice Review to get a sense of which way the wind might blow for you and for the future of your business? Or have you already made up your mind?

Our poll remains open for another week and we welcome your thoughts on the future prospects of your advice business…