The ifa Show

In this episode of the ifa show, stand-in host Keith Ford chats to Nigel Baker, CEO and founder of Scientiam, a pioneering company in the financial advice industry.

Mr Baker shares his journey, from working in renowned accounting firms to establishing his own independent practice, Arch Capital.

The pair delve into the challenges and opportunities faced by the advice industry, particularly in providing accessible and efficient advice to a broader market.

Mr Baker unveils Scientiam's innovative approach to addressing these challenges by leveraging technology to create a seamless client experience, while also touching on the future of financial advice and exploring how the industry can adapt to changing client needs and expectations.

Moreover, Mr Baker emphasises the importance of separating advice from product recommendations and enabling clients to make informed decisions based on their unique circumstances.

In this episode of the ifa podcast, host Maja Garaca Djurdjevic is joined by the chief executive of Lifespan Financial Planning, Eugene Ardino, to delve into the latest developments in the financial advice industry.

Mr Ardino discusses the government's response to the Quality of Advice Review (QAR), the experience pathway, and the increasing ASIC levy.

He shares why, despite the disappointment with the ASIC levy increase, he remains optimistic about the industry.

Mr Ardino also touches on the potential impact of the QAR and the government's support for certain recommendations and acknowledges there are certain challenges in defining and implementing a good advice duty.

He also shares his thoughts on the simplification of statements of advice (SOAs) and why he anticipates that the government and regulators will work together to define what a good record of advice should look like.

Moreover, Mr Ardino dismisses concerns that licensees would still enforce lengthy documents and emphasises the importance of industry consensus and consumer-centred approach.

In this episode of the ifa show, host Maja Garaca Djurdjevic sits down with Marc Hraiki, the executive director of sales and services at Lonsec.

Together, they delve into the ever-changing landscape of financial advice and discuss why Mr Hraiki believes there has never been a better time to be an adviser.

Amid market volatility, decreasing adviser numbers, and growing complexity in Australians' financial needs, Mr Hraiki highlights the tremendous opportunities for strong advice businesses.

The pair also discuss the top three concerns keeping advisers awake at night and the ongoing challenge of making advice more accessible and affordable for all Australians.

Mr Hraiki shares his insights on the impact of technology and innovation and offers valuable advice for young professionals considering a career in the advice industry.

In this episode of the ifa podcast, host Maja Garaca Djurdjevic is joined by the head of policy at the Financial Advice Association Australia, Phil Anderson, to discuss the official end of the AFA and the broader advice landscape.

With the Association of Financial Advisers officially winding up, Phil Anderson reflects on the importance of professional associations and shares why he is more optimistic about the future than he has been for a long time.

Mr Anderson also speaks about the Quality of Advice Review, the consultation process that is currently underway, and explains why he doesn't expect draft legislation for the review's recommendations this year.

Moreover, he touches on the outcome of the class action brought by advisers against AMP over BOLR changes and shares why he believes there is "real momentum" towards changing the regulatory regime that will make advice less costly to provide and access.

In this episode of the ifa podcast, host Maja Garaca Djurdjevic is joined by AstuteWheel's managing director, Hans Egger, to discuss the most compelling reasons for advisers to consider client portals. With over 25 years of experience in the financial planning industry, Mr Egger shares his journey of developing tools and modelling calculators to enhance client advice and comprehension of complex strategies. He discusses the growing adoption of technology by financial advisers, particularly in client engagement and streamlined processes, as well as emphasising the importance of secure client portals which not only protect sensitive data but also provide a comprehensive platform for clients to access their financial information, track goals, and communicate with their advisers. Mr Egger also touches on the time-saving benefits of using tech tools such as questionnaires and modelling calculators, enabling advisers to focus on meaningful client interactions.

In this episode of the ifa podcast, host Maja Garaca Djurdjevic is joined by Matthew Esler, the co-founder and co-CEO of Padua Solutions.

Mr Esler discusses the government's response to the Quality of Advice Review, including why the entry of super funds back into advice should not be cause for concern among advisers.

He adds that advisers should instead be looking to set up referral arrangements with super funds to bridge the gap between their different service offerings.

Mr Esler also touches on why the QAR represents a huge opportunity for fintechs, particularly the government's plans to streamline advice documents.

Labelling the upcoming period the "golden age of advice", he explains why advisers should be optimistic going forward as technology enables them to scale their business and reach more clients than ever.

In this special episode of the ifa podcast, host Maja Garaca Djurdjevic is joined by My Money Buddy and The Savings Squad podcast founder Adele Martin to discuss the government's QAR response and what it means for advisers.

This podcast brings you a one-on-one chat that took place at the ifa's Adviser Innovation Summit in Melbourne where our host and Ms Martin dissected the government's response to the Quality of Advice Review (QAR).

Ms Martin talks about the response from an adviser's point of view, and why she would like to see less consultation and more action from the government.

She articulates her perspective on future-fit statements of advice and delves into the proposal that suggests superannuation funds will have a significant role in providing advice, highlighting why this approach may not effectively address the issue of limited access to advice.

In this episode of the ifa podcast, host Maja Garaca Djurdjevic is joined by Denis Orrock, chief strategy officer of wealth management platform Praemium.

Mr Orrock joins our host to discuss the evolving landscape of wealth management and administration platforms.

He also touches on the government's response to the Quality of Advice Review (QAR) and how this might play out for the super funds. "I think the super funds moving to advice-style models will be interesting and how they scale their businesses for that. Are they fit-for-purpose for that today? Will they be reliant on digital or AI-generated advice versus personal advice?" And discusses a key issue for the industry around data integration. "The bigger impact for platforms is the data that sits within the platforms ... and how do we aggregate and standardise that data to provide advisers with a consolidated view of their customer."

Moreover, Mr Orrock discusses how wealth management platforms like Praemium can evolve to support the changes to the advice landscape on the back of the QAR, as well as how technology can help streamline and enhance the delivery of advice.

In this episode of the ifa podcast, host Maja Garaca Djurdjevic is joined by Matt van Dijk, general manager distribution Queensland/Northern Territory at Praemium.

Mr van Dijk joins the show to discuss the unmet advice needs of high-net-worth investors, with recent Praemium research showing that as many as 53 per cent of these investors are in need of quality advice tailored to their unique advice needs.

As the volume of HNW investors continues to grow beyond the $2.8 trillion of investable assets they currently hold, Mr van Dijk details these advice requirements and how advisers can respond.

He also touches on the intergenerational wealth transfer and how advisers can support it.

Namely, with HNW investors anticipating to transfer as much as $1.9 trillion to their children, the challenge for advisers is that over half are managing the inheritance themselves. As such, Mr van Dijk elaborates on what advisers should consider when looking to embed themselves in this transfer.