The adviser community remains reluctant to embrace the prospect of the New Class of Adviser.
As we go to print, around six in ten Riskinfo readers taking part in our latest poll (61%) do not support the introduction of the New Class of Adviser. Just 27% are in support, with the rest still making up their mind.
We’ve said ‘the jury is still out’ mostly because we interpret this result, at least in part, to be reflective of the fact that draft legislation introduction of the new class of adviser – to be included in the next tranche of the Delivering Better Financial Outcomes (DBFO) reforms – has yet to be released.
It’s definitely more challenging to support an idea or a proposition if the idea has only been expressed in vague terms. This is the point which was raised during the AIA Australia Round Table when discussing this question. There was definitely support for the concept of the NCA at the Round Table, but this support was qualified because the details around the structure and scope of the NCA have yet to be released for scrutiny (see: …The New Class of Adviser).
Perhaps we need to wait until after the draft legislation has been released before asking you to deliver your verdict. But in the meantime, it’s fair to say that the majority of advisers need a lot more convincing to be comfortable with the introduction of a new adviser class into the Australian advice landscape.
Our poll remains open for another week and we welcome your thoughts…
