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<p>The recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry outlined a new approach to disclosure, review and remuneration practices of the financial planning industry. Drawing from academic articles and industry analysts, the Financial Services Royal Commission is likely to have a significant impact on the financial planning industry and the operating model of financial advice firms, which requires the redesign of financial advice business and delivery models. This paper provides some evidence of the changes in the operating model of financial advice firms after the enactment of the Royal Commission’s recommendations. We also identify gaps in the literature and highlight some important research issues that provide directions for future research.</p>
</abstract>

The recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry outlined a new approach to disclosure, review and remuneration practices of the financial planning industry. Drawing from academic articles and industry analysts, the Financial Services Royal Commission is likely to have a significant impact on the financial planning industry and the operating model of financial advice firms, which requires the redesign of financial advice business and delivery models. This paper provides some evidence of the changes in the operating model of financial advice firms after the enactment of the Royal Commission’s recommendations. We also identify gaps in the literature and highlight some important research issues that provide directions for future research.

The Hayne Royal Commission and Financial Planning Advice: A Review of the Impact on the Operating Model of Financial Advice Firms

Financial Planning Research Journal

This work is licensed under the Creative Commons Attribution 4.0 International License.

The recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry outlined a new approach to...

The Hayne Royal Commission and Financial Planning Advice: A Review of the Impact on the Operating Model of Financial Advice Firms

Published Online: Mar 19, 2024

Page range: 74 - 87

Received: Nov 10, 2020

Accepted: May 10, 2021

DOI: https://doi.org/10.2478/fprj-2020-0004

© 2020 Mohammad Abu-Taleb et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.