We opened the discussion by talking about the regulatory path that the industry has been on in the past few years and the critical next two years for our industry. There is an opportunity to show leadership and shape the future using a base of evidence and sound arguments. As an industry we know the value that we deliver for Australians and we now need to show this more than ever.
To help bring the industry together and develop policy solutions, AIA has engaged Hon. Bernie Ripoll, former Labor Party Minister who led the joint Parliamentary work on the Future of Financial Advice (FoFA) reforms.
Mr Ripoll chaired the Roundtable, and led the participants through a discussion on the effectiveness of industry reforms to date; the role to be played by product design and innovation in creating greater efficiency and better outcomes for consumers; the cost of risk advice and the drivers for motivating consumers to seek advice.
The Roundtable is the first in a series of industry engagements that we intend to help initiate and progress thinking on the future of the industry.
More information about this work will be provided in future issues of Adviser News.