To say it is interesting times in our industry would have to the be understatement of the century. Never before in my 25 years of working in the Australian financial services have I seen more disruption at the very core of multiple business models - from adviser businesses, to platforms, insurance and super.
I have had some fascinating and sometimes frightening discussions with leaders across all sectors, and it is through these conversations that I have come to realisations that are not always obvious when we look at what’s happening at face value.
One of the issues that has been rapidly rising to the surface is the viability of the advice business model - with up to 50% of advisers predicted to leave the industry, and only those with very robust existing business models or big balance sheets behind them to survive.
There seems to be a silent consensus that says a client