Hi Phil - thanks for doing this AMA, I think we all learn something new every time we hear from you. Have you seen much interest in the qualified adviser options for super funds and the like? Are these businesses busily preparing for this option in the background, ready to launch or is this not a priority for them. In addition with the option of qualified advisers be restricted to a particular cohort or will it be an option available to all businesses. thank you
- Phil.Anderson2 years ago
Advisely Partner
Thanks Anne. We have been engaged in discussions with super funds and insurers about the ‘QA’ option. I think they are open to the idea, however it is not yet clear on how this might work, so I assume that they are just at the thinking stage at this point.
Some people have expressed concerns about the banks getting back into financial advice. The big banks have been quite guarded about responding to this, and no doubt the memory of the Royal Commission is still fresh in their minds. The world has changed substantially since then, and most of them no longer have a wealth arm where they have products to distribute. I think for this reason, they are less likely to rush back into advice. However it is difficult to predict what will happen in the long term.
Michelle Levy recommended that it would not be possible to charge for advice services provided by a QA. This would mean that it largely only made sense for product provider entities with product margins available to pay for them. We have argued that it should be possible for advice practices to employ them and that their costs should be able to be covered by fees that clients pay the practice. This outcome is important to ensure that the playing field is as level as possible.
Welcome to an AMA thread!
Here's how to get involved:
- Submit your questions: Type them out and post now ahead of the AMA! This is a text-based event, so no audio or video is needed. The expert will be online to answer whatever questions you have during the scheduled time.
- Be respectful: Keep it friendly and professional. Respectful dialogue makes the AMA enjoyable and informative for everyone.
- Stay engaged: Feel free to follow up or ask about different topics as the thread goes on. The more you interact, the richer the conversation.
- Enjoy the experience: Use this opportunity to gain insights and connect with peers and experts. Let’s make this AMA one to remember!
Looking forward to all your amazing questions and let the asking begin!
Recent AMAs
14th August AMA: We're Leah, Xplan expert, and Rob, IressNet product manager, Ask Us Anything!
If you're aiming to scale, enable client portals, or cut down on admin, reliable datafeeds aren't optional — they're essential. But are you managing them efficiently? For example, do you have que...418Views6likes21Comments12th Feb AMA: I'm Courtney Youngblutt, Xplan Design Consultant & efficiency expert, Ask Me Anything!
We all know that data accuracy is the key to efficiency – want to make 2025 the year you leverage your data with Xplan? For example, curious about using advanced search criteria and Xport to audit...978Views5likes65Comments