{"id":62581,"date":"2022-09-13T11:50:09","date_gmt":"2022-09-13T01:50:09","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=62581"},"modified":"2025-03-14T12:02:25","modified_gmt":"2025-03-14T01:02:25","slug":"general-advice-option-gaining-traction","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2022\/09\/13\/general-advice-option-gaining-traction\/","title":{"rendered":"General Advice Option Gaining Traction"},"content":{"rendered":"
\n
\n

Advisers were interested, this week, in our report on how a general advice proposition – at least under the current regulatory regime – may be emerging as an option for those in the adviser community who are yet to decide on their future career pathway…<\/h3>\n<\/div>\n<\/div>\n

The ‘general advice’ business model appears to be emerging as a realistic option for more advisers, particularly for mortgage brokers and for risk specialist advisers who have not passed the ASIC adviser exam.<\/p>\n

Giving weight to the growing interest in a general advice business model has been the growth reported by the Australian Advisory<\/a> group of partnering AFSL businesses.<\/p>\n

\"\"<\/a>
Long-time industry adviser, Tony Bice …general advice pathway is resonating for more advisers<\/figcaption><\/figure>\n

Speaking on behalf of Australian Advisory, Tony Bice<\/strong>, who has been a mortgage broker for over 20 years and a financial adviser for the past 16 years, and has transitioned to the general advice model, told Riskinfo that a general advice model is now being seriously considered by more and more advisers, where the complexity of the regulatory hurdles, exams and extra university requirements prevents them from continuing, as they have in the past.<\/p>\n

According to Bice, a general advice business model is becoming a much more viable alternative and a model that many risk specialist advisers are now seriously considering, as the 30 September 2022 deadline approaches for those who have not passed the ASIC exam or those who do not wish to achieve the minimum education requirements in addition to trying to run their business\u00a0(see: Risk Advisers Still Don’t Know Options Beyond 2021<\/a>).<\/p>\n

Of the 882 advisers who qualified for the ASIC exemption to continue providing personal financial advice beyond 1 January 2022, approximately half appear to have since passed the ASIC adviser exam in the 2022 sittings, the last of which took place across July and August. This means the advice sector is set to experience another significant drop in the number of advisers on ASIC’s Financial Adviser Register who will remain qualified to deliver personal financial advice.<\/p>\n

…one of the largest general advice businesses in Australia<\/p><\/blockquote>\n

Under this backdrop, Australian Advisory states the licensee firms partnering under its banner\u00a0now include around 100 general advice practitioners in their numbers, making it one of the largest general advice businesses in Australia.<\/p>\n

The firm is offering both sales skills and technical masterclasses<\/a> to any advisers considering the option of a general advice service model as the industry also awaits both the outcome of the Quality of Advice Review recommendations as well as the rules under which the Government’s Experience Pathway proposition for 10-year advisers of good standing will eventually operate.<\/p>\n","protected":false},"excerpt":{"rendered":"

Advisers were interested, this week, in our report on how a general advice proposition – at least under the current regulatory regime – may be emerging as an option for those in the adviser community who are yet to decide on their future career pathway… The ‘general advice’ business model appears to be emerging as […]<\/p>\n","protected":false},"author":3,"featured_media":62608,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,6,8291],"tags":[],"class_list":["post-62581","post","type-post","status-publish","format-standard","has-post-thumbnail","category-compliance-regulation","category-dealer-groups","category-story-of-the-week"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/62581","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=62581"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/62581\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/62608"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=62581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=62581"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=62581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}