The Hayne Report from the recent Royal Commission has created much debate about the future regulatory requirements of the financial services sector.
But while these recommendations have created some uncertainty in our businesses, particularly around what, how and when these will be legislated, it has also created an opportunity for the financial services sector to re-evaluate business models.
This industry has always been confronted with change, at varying degrees, and one in which the we all must adapt to the requirements.
For Advisory practices, it highlights the importance of transparency and increasing trust with their clients. Some key impacts that the Hayne Report has highlighted is that of grandfathered remuneration and ongoing adviser fees. Practices will need to re-evaluate their existing business models, value propositions and make the necessary changes to ensure their businesses continue to build and thrive into the future.
Our role as a licensee will be to prepare our advisers for these potential changes and continue to educate, guide and assist advisers through these. Ongoing consultation is key; regular communications, meetings with adviser representatives, as well as practice visits help us to ensure that we address any concerns and implement the necessary tools and protocols to assist our advisers to transition in to the post royal commission world.
Here at Consultum, we have an experienced team of Relationship Managers that support our advisers and provide them with clarification around these changes. We will continue to work closely with our advisers, and help them successfully navigate through these changes so that they can focus on providing quality advice to their clients.
Consultum Financial Advisers