Investing in tools and data integration, being clear in value proposition and proactively monitoring client portfolios will ensure the future of a quality financial advice business.

Speaking at the Self-managed Superannuation Fund Association (SMSFA) National Conference, Deloitte director of wealth advisory practice Mark Ryan explained reflecting on the lessons of the Royal Commission brings forth ideas for the future of advice practices.

Ryan's first tip is investment in adviser capability and training. He referred to the FASEA Code of Ethics and subsequent exam.

"The feedback we are getting is that it has been refreshing for advisers. They don't want to be in a position where their advice is suboptimal and indeed, they don't want to lose their jobs or livelihood by making simple errors," Ryan said.

The second point is having a clear understanding of client value proposition.

"We are seeing more innovative opportunities where advisers are able to consolidate their proposition and are making sure it is clear and transparent for the client and what they are paying for,
he said.

Ryan reiterated that this does not mean business investment should not go towards tools, investment and data integration.

"If we think about it as a spend, there might be a bit more money going into those initiatives but as far as keeping yourself in a quality advice environment capability and being clear with clients is key," he said.

In addition, Ryan suggested advisers proactively monitor client portfolios and accounts to pick up on any issues early rather than reflecting on an audit.

Looking forward, both Ryan and Deloitte partner Tim Worner expect the advice industry to get bigger and could move away from the traditional customer segments of high-net worth and mass affluent.

But, they agreed, without adopting the lessons of the past, it is unlikely to have quality advice businesses.