The start of a new year is manna for forecasters and the passage of Future of Financial Advice legislation is not immune from such predictions.
Given a new assistant treasurer, more Senatorial inquiries into adviser education and even ANZ breaking ranks with the others by supporting FoFA there’s plenty of variables to analyse.
But given that most rigorous analyses of forecasts finds them little more reliable than random guesses we might stick to safer bets for 2015.
1. The tiresome acronym of FoFA will remain mysterious and irrelevant to the general public.
2. The ASIC planner register will have to work to make itself relevant to consumers.
3. Too many consumers will remain stuck on the fence procrastinating on the value of advice.
Should the list sound a little negative here are some more positive predictions as to where we, Adviser Ratings, seek to go this year:
1. Hold public events to drive debate and enlightenment about financial advice
2. Use our platform to help and encourage more to seek out competent and trustworthy advice
3. Work with others to reduce the friction and increase transparency around finding a planner
That’s just for starters but come December let’s see how many of the predictions above come to be.