{"id":69080,"date":"2023-12-11T08:59:53","date_gmt":"2023-12-10T22:59:53","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=69080"},"modified":"2023-12-18T09:25:39","modified_gmt":"2023-12-17T23:25:39","slug":"advice-industry-needs-large-super-firms","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2023\/12\/11\/advice-industry-needs-large-super-firms\/","title":{"rendered":"Advice Industry Needs Large ‘Super’ Firms"},"content":{"rendered":"

Ahead of last week\u2019s major announcement of the Government\u2019s comprehensive financial advice reform package<\/a>, professional advisory company AZ NGA<\/a> had come up with its own blueprint for the future of financial advice.<\/p>\n

The company says the only way the advice industry can achieve its mission and purpose to financially prepare Australians for the future \u201c\u2026is by raising an army of large, corporatised super firms.\u201d<\/p>\n

In a paper entitled Ready or Not? A guide to building a Super firm<\/em>, AZ NGA says the industry\u2019s current structure and composition is holding it back from reaching the 12.4 million Australians who need professional advice but aren\u2019t receiving it \u201c\u2026signalling the urgent need for a stepped change.\u201d<\/p>\n

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Paul Barrett.<\/figcaption><\/figure>\n

Paul Barrett,<\/strong> CEO of AZ NGA and the paper\u2019s author notes that while SMEs play an important role in the advice eco-system \u201c\u2026the unmet advice needs of Australians demands a different approach and a new category of super firm that is akin to the mid-tier in accounting and professional services.\u201d<\/p>\n

He says if the advice industry\u2019s purpose \u201c\u2026is to help people get their financial affairs in order and, ultimately, achieve their goals then players need to supercharge their capability and capacity to see more clients and that means getting significantly bigger.<\/p>\n

…we believe that size and scale create opportunities for businesses to offer a broader, deeper range of services…<\/p><\/blockquote>\n

\u201cWhile small specialised business can do well too, we believe that size and scale create opportunities for businesses to offer a broader, deeper range of services and enhance their employee value proposition to include career opportunities. It also gives a firm\u2019s people, business partners and clients greater confidence that it will be around for the long-term.\u201d<\/p>\n

The paper claims the blueprint for a super firm is based on five essential components:<\/p>\n