“Putting the FPA on track to initiate its own reform agenda in the areas of fiduciary responsibility, remuneration and professional obligation have been really important as well as dealing with some of the elephants in the room; members are sick and tired of talking about commissions and yet for some reason we’ve never been able to deal with them,” Bloch says.
“So being able to deal with some of those elephants and move them on just gives us a whole lot more room to focus on the value of advice and I’ve been very proud to be part of that journey.”
When asked if she could go back and change something about the industry, she admits the issue of disclosure should have been dealt with more promptly.
“Disclosure is important, but it isn’t the panacea. Consumer capability and literacy and improving the asymmetry of knowledge is something that I think we should have put a lot more time and effort into,” she says.
Nonetheless, she maintains an optimistic outlook for the future of the financial planning industry.
“It’s a fantastic time to be involved in financial planning, underpinned by the reform agenda we’ve set in train, which will help us improve confidence and trust in the profession,” she says.
“If all the government proposals and FPA proposals come to fruition, we will have moved a long way to fixing up the gaps of FSR (financial services reform).”
However, she does list the FSR regime as a particular achievement for the industry in the past decade.
“I know there’s a lot of criticism about it. It’s not perfect, but I do think it’s a robust regulatory model for financial advice. It’s one of the better models worldwide and has served us well, particularly under severe stress testing in the last couple of years,” she says.
She also cites the growth and penetration of the compulsory superannuation guarantee as another high point for the industry.
“It has provided the economy with a pool of assets that in part sheltered Australia from some of the ravaging of the global financial crisis that occurred elsewhere,” she says.
“Superannuation has come a really long way. It is competitive and offers a good range of choice for consumers.”
Hence, her affinity with and background in superannuation recently led Bloch to a new career opportunity with Mercer, a role in which she is looking forward to delivering an end-to-end advice service for the organisation.
“I have the opportunity now to put my money where my mouth is,” she says.
Bloch considers Financial Services, Superannuation and Corporate Law Minister Chris Bowen, ASIC chairman Tony D’Aloisio and Treasury boss Ken Henry as the most influential people in the industry in recent years.
“The reason I pick stakeholders versus members is because we’ve put our reform agenda on the table and with the reviews and inquiries under way the government has to respond, and how they respond is going to be critical to how our sector goes forward,” she says.
She says she also interacts with a wide circle of influential people, who provide her with “free and fearless” counsel.
“I have a close network of personal advisers who have played a huge role in preventing me from becoming deluded and they’re able to give me very honest feedback,” she says.
