By the FSC Advice Team
The Financial Services Council's Shaping Advice in a Time of Change was a sell-out event, drawing 275 attendees from across the financial advice ecosystem in Sydney on 30 July.
With major sponsors Challenger and QIC supporting the day, the conference brought together regulators, policymakers, and industry leaders from advice businesses, superannuation funds, platform providers for a sharp, action-focused agenda. The message was clear; the time for action is now and reform is already underway.
Assistant Treasurer and Financial Services Minister Dr Daniel Mulino set the tone by acknowledging the scale of the task ahead. "I see high-quality advice access as very important," Dr Mulino highlighted both the urgency of restoring adviser numbers and the growing demographic of Australians nearing retirement. As covered by the media in attendance, Dr Mulino reinforced that reform, most notably the release of Tranche 2b, is his top priority in the coming months.
With Tranche 2b firmly in the spotlight, subsequent sessions focused on transformation with speakers emphasising that details matter, including how simple advice, digital tools, and a new class of advisers will work in concert with traditional service models. Yet, panellists urged pragmatism and that sweeping reforms mean little if the "missing middle" continues to go unserved.
ASIC Chair Joe Longo used his appearance to issue a direct warning about systemic misconduct, pointing to the $1 billion collapse of the Shield and First Guardian Master Funds as evidence of the need to consider the regulatory regime across advice, superannuation, and managed investment schemes. He signalled that a "root and branch" response, and offered his views on policy responses that might be required such as restricting retail access to high-risk funds, looking at the registration process for managed investment schemes, tightening what superannuation can be invested in and exploring gaps in the law around conflicts of interest. Mr Longo also criticised the low barrier to registering managed investment schemes, calling for urgent reform to prevent further consumer harm.
Mr Longo urged superannuation trustees and advice businesses to step up as first lines of defence. He called for earlier industry reporting, stronger oversight of rollover pathways, and better safeguards across the investment chain. While enforcement is ramping up, with more than 40 active investigations, the ASIC Chair made it clear that fixing the system will require coordinated action from regulators, government, and industry alike.
Executives from superannuation funds and financial advice businesses repeatedly urged that the industry expand access to advice, rather than wait for the perfect framework. Across sessions, the message was clear: scaled guidance delivered digitally or through hybrid models is urgently needed. As some panellists reflected, many Australians are turning to advice from family or social media influencers instead of qualified professionals.
CoreData's analysis of licensing dynamics revealed a major industry trend, with almost half of advisers switching licensees and choosing to go self-licensed, thanks to a duality of cost and flexibility factors. Commentary urged that licensees must shoulder proportionate risk and accountability, recognising the economic burden they carry in maintaining integrity across the system.
Digital advice providers showcased hybrid digital advice platforms already in use across superannuation funds, with tens of thousands of members engaged with tools that combine coaches and advisers, and are designed to lower the entry point for advice while retaining pathways for escalation when complexity demands it. Panellists emphasised the efficiency savings that can be produced, citing the fact that where a Statement of Advice once took dozens of hours, digital systems now reduce production time by hours or even days. But they also cautioned that standards must be maintained and transparency needs to prevail.
In later sessions covering non-superannuation advice and platform-led practice, speakers highlighted that Australians sit on vast cash holdings and underutilised wealth, and that reallocating even a fraction could unlock billions in productive investment. Advice that is delivered human-first and rooted in client goals, rather than product pitches, is essential to winning trust and participation. Meanwhile, with advisers seeking to serve cohorts ranging from those who may be currently unadvised superannuation members, through to high- net worth clients, the system is shifting from single-service products to ecosystems of advice, data and governance.
Finally, the keynote address from former Defence Minister the Hon. Christopher Pyne delivered a political reality check. The Labor Government is likely to govern for the foreseeable future, and reforms they want to achieve will now find an easier path through Parliament. He was also clear on how influence is best exercised, "If you want influence, go through your industry body." Pyne emphasised that in today's public service-led policy environment, industry associations like the FSC are the most effective conduit to government. Direct lobbying, he said, is unlikely to shift outcomes on its own. With a reformist government and a clear parliamentary path, the message to industry was simple, engagement must be collective, strategic, and early.
