Latest Poll – The Question of General Advice

Our latest poll revisits the emergence of the general advice option for current advisers who remain in limbo about their future in the financial services sector.

While the world has continued to turn with the release of the Quality of Advice Review recommendations and the prospect of the implementation of an Experience Pathway, it appears many established advisers remain uncertain about their future – both generalist and risk advice professionals.

We were visiting this issue at the end of 2021, at which time we asked a similar question, which delivered this result:

Our latest poll is slightly different, but it remains a question around whether you think general advice can be an option either for you and your business or for your peers in the sector – often long-established advisers, who continue to struggle with picturing their future in the industry, especially given the continuing uncertainty around minimum education standards by 1 January 2026 and the unresolved Experience Pathway proposition.

One group which continues its strong advocacy for advisers to consider the option of general advice is Australian Advisory. This firm has seen its ‘general advice’ cohort of advisers continue to grow over the last 12 – 18 months, with risk-focussed personal financial advisers remaining a key group which the licensee firm says can benefit from such a move.

The firm is conducting its 2023 Conference in May, at which it will deliver sessions revolving around both personal and general advice as it seeks to provide answers for that group within the adviser community still working through how to maintain their role as a trusted adviser but who remain unsure about whether they will be able to attain their minimum education qualifications by 1 January 2026 or qualify for the Experience Pathway whenever that proposition is resolved.

In the meantime, as the industry experiences the drawn-out conclusion to the Quality of Advice review recommendations and awaits a final directive on the make-up of the proposed Experience Pathway, do you think the general advice proposition offers a valid option for either you or those of your peers who continue to consider their future in the sector?

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

For those who wish to attend or learn more about the Australian Advisory Conference in May, please send your enquiry through to info@australianadvisory.com.au.