{"id":56333,"date":"2021-06-22T14:57:04","date_gmt":"2021-06-22T04:57:04","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=56333"},"modified":"2024-10-30T08:44:47","modified_gmt":"2024-10-29T22:44:47","slug":"poll-results-an-uncertain-future-for-risk-specialists","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2021\/06\/22\/poll-results-an-uncertain-future-for-risk-specialists\/","title":{"rendered":"Poll Results – Uncertain Future for Risk Specialists"},"content":{"rendered":"
\n\t\t
The most likely short to medium-term future for my risk advice practice lies in:<\/strong><\/div>
    \n\t\t
  • Retaining my current personal advice proposition (40%)<\/small>
    <\/div><\/li>\n\t\t
  • Selling my book of business (28%)<\/small>
    <\/div><\/li>\n\t\t
  • Not sure (16%)<\/small>
    <\/div><\/li>\n\t\t
  • Remaining a consultant to my clients while 'outsourcing' the personal advice (7%)<\/small>
    <\/div><\/li>\n\t\t
  • Moving to a general advice-only model (6%)<\/small>
    <\/div><\/li>\n\t\t
  • Another scenario (3%)<\/small>
    <\/div><\/li>\n\t\t<\/ul>
    <\/div><\/div>\n\t\t\n<\/div>\n\n

    The results from our latest poll suggest many risk focussed advisers are in two minds about their future.<\/p>\n

    While different conclusions or assumptions might be drawn from the outcome of our question around the short to medium-term future of risk advice businesses, the nature of the results and the comments we’ve received indicate a potentially significant number of advisers and risk advice businesses are weighing their options as the industry continues to evolve – and as more pathways emerge.<\/p>\n

    One comment we received suggests that the present compliance regime is the real deal breaker when it comes to the future commercial viability of risk specialist practices – trumping even restricted commission caps or the FASEA exam and minimum education standards. On the assumption that risk commissions will continue, one adviser commented:<\/p>\n

    “…how long will it be before we are swept up in the issuing of annual renewal notices to retain ongoing commissions?”<\/em><\/p>\n

    This adviser thinks the only way for ward for risk specialists is: “…to operate under a separate Code of Ethics and Best Interest Duty that is relevant for that scope of advice.” But the same adviser is holding out little hope that this solution is a realistic possibility.<\/p>\n

    …there seems at the very least to exist an appetite for flexibility around emerging alternatives<\/p><\/blockquote>\n

    With the future for risk advice specialists and the future viability of their businesses remaining unclear, there seems at the very least to exist an appetite for flexibility around emerging alternatives including potential general advice-only and ‘consultant’ models. While these options haven’t shot the lights out in the poll results, there nonetheless appears to be a quorum in the room. For example, from another adviser:<\/p>\n

    …we have to think outside this box<\/p><\/blockquote>\n

    “In order to survive we have to think outside this box that is closing in on us rapidly…”<\/em><\/p>\n

    Another adviser got in touch after last week’s poll was released to point out that in future, many licensees may be in a position to offer a selection of models under which the adviser may elect to operate, depending on their circumstances. These models may include both general and personal advice as well as the consulting role supported by another authorised representative.<\/p>\n

    There’s much more to add, but as usual, it’s time to hand back to you – to vote if you haven’t already, and to add your own contribution to this debate, if you wish. Our poll remains open for another week and we welcome your contribution…<\/p>\n

     <\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    The results from our latest poll suggest many risk focussed advisers are in two minds about their future. While different conclusions or assumptions might be drawn from the outcome of our question around the short to medium-term future of risk advice businesses, the nature of the results and the comments we’ve received indicate a potentially […]<\/p>\n","protected":false},"author":3,"featured_media":56335,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,49],"tags":[],"class_list":["post-56333","post","type-post","status-publish","format-standard","has-post-thumbnail","category-compliance-regulation","category-polls"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/56333","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=56333"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/56333\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/56335"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=56333"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=56333"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=56333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}