Advisers must unite for major reforms: SIAA

Financial advisers will need to band together to successfully get through another of period of reforms that will ultimately make advice accessible and affordable, this year's Stockbrokers and Investment Advisers Association (SIAA) Conference will hear.

Amid the first set of changes the Delivering Better Financial Outcomes reforms will deliver, it is critical that financial advisers adapt, innovate, and thrive - which underpins the theme for SIAA's annual conference that will be held at the Melbourne Grand Hyatt on May 14-15.

Euroz Hartleys head of advice Amanda Boyce, who will partake in the panel Financial advice reform, will provide an adviser's perspective on the risks and opportunities such changes present.

"Joint Association Working Group formed from the breadth of associations coming together to provide a unified voice on the first tranche of the reforms," she told Financial Standard.

"I think it's a meaningful and important approach to take to this change, because it means that we can be a unified voice to the extent that we find those similarities and our chance of then implementing the change is greater."

The advice industry has endured substantial reforms since the Hayne Royal Commission.

The most recent round of changes aims to streamline some process documents such as the ongoing fee renewal and consent requirements.

The federal government hopes that by simplifying some of the paperwork it will incidentally lower the cost of providing advice to make it more affordable and accessible.

One of the most important areas advisers currently face is the stage of life and dynamics that come with the intergenerational wealth transfer, which Perth-based Boyce said is the "overall tailwind for our industry."

"It's important for Australians to be able to access advice, and that was the core and crux of what drives this work," she said.

The panel will also discuss how the reforms will impact superannuation funds and how they are preparing to help Australians, particularly retirees access advice.

Tranche one, which includes the legal basis in which the payment of advice fees from superannuation and associated tax consequences, underscores the government's push for super funds to complement advisers in the work that they do.

"If we look at what we do as an ecosystem and where advisers sit, we're clear on our value propositions" Boyce said.

"We can work out who we partner with at the right time. Therein lies another opportunity, as we work through what this means for us as an industry."

The panel will also feature Andrew Gregory, the head of advice and education at UniSuper, and Ashurst partner Jonathan Gordon. It will be moderated by Andrew Bird, head of advice at JBWere.

Financial Standard is the media partner of the 2024 Stockbrokers and Investment Advisers Association Conference.