Shaping tomorrow’s adviser – Disruption, AI and generational shifts

  • Presentations, Technical Resource
  • Practice Management

National Conference 2024

The advice profession be it accounting or financial advice is likely to be an attractive profession to be a part of over the next 10 years. Following the ongoing policy dialogues in the wake of Michelle Levy’s report, the landscape appears to be stabilising.

Whilst we’ve navigated significant regulatory changes that resulted in the greatest exit of advisers this country has ever seen, from 26,500 in 2019 to just 15,855 in 2023, we now must prepare for the challenge of the next disruption to our profession.

Over the next 10 years we are likely to see a new disruption of client expectations as we see generational shifts in our client base and artificial intelligence (AI) moves into the next phase of its evolution. AI disruption is positive, as it will assist us in providing an improved client experience if we integrate AI well into our advice practices. The challenge for small practices may be a lack of resources to build out the advice offer. Therefore, just like the post 2019 regulation disruption we faced, we need to adapt our advice model to prosper.

Whilst AI could certainly see the advice practice margins improve due to efficiency and less cost there will be a challenge to maintain prices. Client value proposition will again become significantly important.

Following this session you will be able to:

  • Understand key shifts in client expectations as generational change takes place.
  • Identify and assess how AI could be adopted in professional services firms.
  • Critically evaluate how to strategically reposition your practice for the next generation of advisers.
  • Analyse the strategies your business needs to adopt to be well placed for succession in 10 years’ time given the next phase of evolution in advice.

The contents of this resource are taken to be correct at the time of publication.

Disclaimer: Technical Papers contain general advice only and are prepared without taking into account particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. Before making any decision based on this information, you should assess its relevance to the individual circumstances of your client. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this bulletin is not considered financial product advice for the purposes of the Corporations Act 2001. © SMSF Association