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The consumer data right presents a crucial opportunity to help streamline the advice process, but this simplification comes with potential dangers, and it is incumbent upon advice practices to make sure their risk management systems are adequate.
Despite guarantees from CEOs they take cyber risks seriously, Security in Depth chief Michael Connory said most organisations across Australia can be hacked within half an hour. RI Advice chief Peter Ornsby said it was an “eye opener” how much responsibility a licensee needs to have over cybersecurity protocols.
While it is clear many advisers are experiencing “change fatigue” from years of regulatory change, it is also driving collaboration across the industry which will continue into next year, according to an adviser.
(Clockwise, from top left) Lonsec's Veronica Klaus, RI Advice CEO Peter Ornsby, Priority Advisory's David Gibson, Australian Unity's Yvonne Chu, Allianz Retire +'s Matt Rady and Viridian Select GM Todd Clifford Fragmented industries and a thinning financial advisory cohort will leave more Australians struggling during their retirement years unless government, the superannuation industry and advisers can join forces. Advice business owners and executives including client facing advisers, product and portfolio researchers as well as licensee heads and retirement product experts came together in...