Advice businesses currently make good sense for investors, according to Morningstar president of Morningstar Wealth Daniel Needham. Demographics, regulation and technology all combine to keep the supply of advisers low, he said. The Royal Commission into Aged Care Quality and Safety highlighted problems with the standard of care residents were receiving in many aged care facilities – food, nursing care, and quality issues. Underlying these issues was the lack of funding in the system. By the end of 2024 the majority of aged care facilities were losing money.

Late last year the new Aged Care Bill was passed focusing on increasing the quality, accountability and long-term viability of the aged care system. The Royal Commission into Aged Care Quality and Safety highlighted problems with the standard of care residents were receiving in many aged care facilities – food, nursing care, and quality issues. Underlying these issues was the lack of funding in the system. By the end of 2024 the majority of aged care facilities were losing money.

Transparency is fundamental to establishing and maintaining trust with clients. One of the key aspects of transparency is admitting when you do not have an immediate answer to a client’s question. Rather than attempting to fabricate a response, it is crucial to tell the client that you need to research the answer and will get back to them. This honesty not only builds credibility but also provides an opportunity for a follow-up interaction, reinforcing your professional relationship.

Successfully integrating client feedback can be a key driver of the success and growth of a financial advisory business. Not only does it help firms to improve their client services, but it can build client loyalty, attract referrals and allow advisers to stay relevant in a very competitive market.

Artificial intelligence (AI) has the potential to add considerably to the productivity of financial advisory practices, freeing up planners from routine tasks to focus on the real business of creating wealth for investors. While the use of artificial intelligence in firms is in a nascent stage, many advice businesses recognise AI’s potential to evolve daily operations and bottom lines.