Level of Complexity: Intermediate
In the space of 10 years, Australia has gone from laggard to leader in terms of fiduciary regulations. The regulators have also imposed much higher education standards. The industry is also seeing a dramatic shift away from product-focused advice to more comprehensive fee-for-service advice. The financial advice business in Australia is undergoing its “professionalization” moment. These changes signal what may be coming down the line for American financial advisers not just in terms of regulations but also in terms of changing business models. This will be an exciting presentation to do with the regulatory changes and how advisers are adapting.