Your Business Success in 2023

Our last poll for the year asks you to project ahead 12 months and to tell us what you see.

2022 has been yet another incredibly challenging year for the financial advice sector – a year during which Australia and much of the global community slowly emerged from its pandemic malaise to re-set its agenda and to move inexorably forward.

Will your advice business – or the advice business in which you work – follow the path to recovery in 2023? Or are the twin shackles of current regulatory burdens and associated complexities involved in delivering your advice services going to continue to anchor you to the spot and restrict the advances you’re seeking to make in your business?

There are those advice practices which have already re-set their sails and generated a more favourable commercial outcome for their business in 2022 than they did in 2021. Then again, there are those who have not.

There appears to have emerged a growing optimism in the financial services community as 2022 unfolded

There appears to have emerged a growing optimism in the financial services community as 2022 unfolded – and which has reached a high water mark recently, with the sector generally welcoming the proposals outlined in Michelle Levy’s Quality of Advice Review consultation papers:

• Scrap SoAs – QoA Review Recommendation
• Retain Risk Commissions – QoA Review

While greater optimism is in the air, the proof of the pudding will be in the eating, as the sector stands by for the release of the final recommendations of the QoA Review later this month, which will be followed by another period of uncertainty as Minister Jones determines which of the final recommendations his Government will actually support, embrace and adopt.

The future, then, remains uncertain and un-written for many advice practitioners – risk focussed and generalist/holistic advisers alike. What we hope you will do, though, is to gaze into your crystal ball to give us your best judgement about what lies ahead in 2023 – from a commercial perspective – for you and your advice business.

Tell us what you think and we’ll report back next week…