Interest in General Advice Option – Poll

One in two Riskinfo readers believes a general advice pathway may offer a potential option for some advisers seeking to continue serving their long-established clients.

As we go to press, 48% of those voting in our latest poll agree that transitioning to a general advice model is a viable option for those who may not have passed the ASIC adviser exam or who may not achieve the minimum educational qualifications by 1 January 2026. 40% disagree, while 12% are undecided.

While the Experienced Adviser draft legislation, released last week, maps out another potential pathway for many advisers to continue in their current role beyond 1 January 2026, groups such as Australian Advisory have been advocating in recent years that a general advice offer can nonetheless represent a viable alternative pathway for advisers – irrespective of their education status – due to the more efficient and cost-effective nature of this advice proposition. It maintains this model can be a particularly effective alternative for risk focussed advice propositions.

There are multiple issues wrapped around the benefits and challenges associated with delivering a general advice business proposition, including how the client continues to access personal financial advice, how the initiating adviser shares their revenue with those supporting their re-shaped business proposition and what the overall nature and scope of ‘general advice’ will look like, given some of the recommendations made in the Quality of Advice review recommendations.

With much water still to pass under the regulatory bridge, we will continue to monitor the progress of the general advice pathway proposition in what remain uncertain times. In the meantime, our poll remains open for another week and we welcome your thoughts…

Australian Advisory is conducting its annual conference on 3 and 4 May in the Hunter Valley to explain how life risk writers can benefit from switching to a General Advice business model.