Latest Poll – New Class of Advice

With the imminent release of draft legislation that will eventually implement more of Michelle Levy’s Quality of Advice Review reform recommendations, we’re returning to a question we asked you earlier this year.

Riskinfo understands the exposure draft of Tranche 2 of the Delivering Better Financial Outcomes reform package will be released shortly, in which one of the reforms flagged by Financial Services Minister, Stephen Jones will be the adoption of a new class of adviser who can be employed by institutions to deliver simple, limited advice to consumers.

…the industry has been debating the merits of life companies having the capacity to retain salaried staff to provide simple advice

In the lead-up to the tabling of this and other reform measures proposed to be included in DBFO Tranche 2, the industry has been debating the merits of life companies having the capacity to retain salaried staff to provide simple advice to consumers who contact them direct, and at no cost to the consumer.

When we asked you this question some months ago, the majority opinion did not support the introduction of what was ambiguously referred to as ‘qualified’ advisers, but which are now being more commonly identified as a ‘new class’ of advisers.

With the clock ticking, and with growing calls from the sector for the Government to table its draft legislation (see: CALI Concern Over Delay…), we’re interested to learn whether your own view has changed.

CALI has …no intention of getting in the way of the important work advisers do

CALI has doubled-down in its message that the new class of adviser is intended to play a very different role to that of fully qualified authorised representatives, and that it has no intention of getting in the way of the important work advisers do every day. Rather, it is seeking to complement that work and broaden the base of Australians able to access at least simple financial advice.

Do you remain a part of the majority who don’t believe this new class of adviser is a good idea? Are you in the minority who believe it is? Have your views on this issue changed in recent months?

Tell us what you think – as the count-down to the eventual implementation of the new class of adviser will be rolled-out sometime in 2025 – and we’ll report back next week…