Practitioners have been provided with a new digital advice solution aimed at helping them retain and service clients who do not require comprehensive financial advice.

The needs of clients should be the number one priority for financial services firms but this fundamental principle has not always been followed.

Less regulation that is better crafted and administered is needed to reduce the cost and complexity of financial advice, according to the FPA.

The low number of new entrants into the financial advice sector and the barriers to entry need to be considered as part of the government’s Quality of Advice Review.

Financial planners should avoid adopting a one-size-fits-all approach when providing advice to clients in retirement as it will not be effective.

Financial advisers will experience some respite from regulatory change in 2022 that will allow them to focus on improving practice profitability.