One-Sided Poll Result

The result of our latest poll was not unexpected, with advisers delivering a resounding ‘thumbs down’ in their reaction to news of the removal of the freeze on the ASIC adviser levy.

Always an issue with this poll was the fact that it was released a day before confirmation of what the estimated adviser levy was to be for the 2022/23 financial year. Advisers would have had an idea of the possible amount, though, based on ASIC’s projections of what the levies would have been in 2020/21 and 2021/22 had the freeze not been implemented. But in the end, enough votes had been cast before the announcement of the estimated levy amount for 2022/23 to the extent that its disclosure did little to swing the pendulum from what was already a one-sided result.

When the new levy amount was announced last week, industry reaction was swift and damning, with the FAAA describing the outcome as both drastic and unfair (see: ‘Drastic and Unfair’ Levy Increase…).

Such a significant increase at a time when so many practices in the ever-shrinking financial advice market continue to struggle with the commercial challenges impacting their businesses will make it seem to some – perhaps to many – that the sector is taking one step forward and two steps back as it continues to navigate its future.

Our poll remains open for another week and we welcome your thoughts…