IFIC Conference: Tough Aussie regulations spark advisor exodus, hope for renewal

John Brogden, CEO, Financial Services Council, Australia, discusses the impact of new Australian regulations that came into effect on July 1st, 2013. They include: a best interest duty, the abolition of commissions (except for life insurance agents) and proposed new tougher new rules for accreditation. Impacts of the new legislation include a 1.8 billion dollar cost to implement, a drop in the number of Advisors in Australia, and the hope — of a revival for the role of advisor as a profession.