“The list of advice elements remaining the same is a long one. Well-documented research and strategies will still be required, as well as the ability to access quality product research.

“Client goals and objectives will still need to be understood and the scope of advice will need to be bedded down and agreed to prior to delivering the advice.”

 Ms Esler explained there will also be the same requirement to disclose fees and remuneration, and conflicts will need to be managed or avoided.

 “Fee-paying clients will still expect a documented financial plan, and this will almost certainly contain many of the elements that are in an existing Statement of Advice (SOA),” she said.

“Advisers need to remember one of the key issues with client mistrust is engagement; if advisers aren't providing an SOA, it means a key means of communication that assists with engagement – and therefore trust – disappears.

 “Highlighting the value of advice is key, and this requires financial planners evidencing the strategic benefits of their advice, the cost of the advice to the client, and the value that remains thereafter.

 “Licensees will still expect good processes and standards to be met in a manner that can be evidenced, and professional indemnity insurers will also expect strong governance.

 “Of course, ongoing continuing professional development requirements will also still need to be met,” she said.

 Ms Esler said the QAR proposals will intensify competition if the proposal to allow product providers to give scaled advice to clients is implemented. However, she believes this will help drive much-needed innovation from fintech providers, and will promote the provision of quicker, lower-cost advice.

 “The improvements to financial technology will reduce the time it takes to produce advice – which can take up to 30 hours for a complex SOA - and this will reduce the costs involved,” she said.