Customer engagement and satisfaction should be at the forefront of the advice industry in 2013, according to MLC.
MLC executive general manager of advice and marketing Richard Nunn said wealth managers and advisers must work together closely and effectively to ensure all clients in advice relationships are engaged and receiving value for their advice fees.
"This is particularly important given the impacts of Future of Financial Advice (FOFA) and Stronger Super, where auto-consolidation and best interest duty are focal points," Mr Nunn told InvestorDaily.
He also explained that investors should take advantage of the low interest rate environment and speak with their advisers about taking a close look at growth assets.
"The key question is will they make a decision early enough to avoid missing out on a growth opportunity," he said.
For the year going forward Mr Nunn said the business plans to focus on upcoming regulatory changes and how it can meet the changing needs to customers.
"It will be vital to strike the right balance between advised and direct distribution in a world where two thirds of Australians who could seek advice prefer to arrange DIY financial plans," he said.
"2013 is shaping up to be another busy year for the industry and we look forward to tackling the changing landscape head on," he said.
