Association of Financial Advisers (AFA) CEO Helen Morgan-Banda has called for a “reset” to overcome the challenges facing the industry.

“We need to work with you all to reset our individual and collective mindsets,” Ms Morgan-Banda said in her speech at the AFA Evolve conference last week.

“Reset our relationship with Government to achieve outcomes that reduce unnecessary red tape and compliance costs to ensure a sustainable sector and profession and enable more Australians to get affordable advice.

“Reset our relationship with members to support you to deliver on our vision to guide more Australians to a brighter and more secure financial future.”

Ms Morgan-Banda, who started in the job last month, says the “tsunami” of regulatory changes and other pressures in the form of new education requirements and rising cost burdens have left the sector feeling overwhelmed and disheartened.

But she says there is “hope”, citing moves by the Government to freeze the adviser levy to the Australian Securities and Investments Commission (ASIC) and review the regulator’s funding model.

“They are a signal to the sector that your concerns are being heard,” Ms Morgan-Banda said.

“We need a reset in the regulatory agenda which properly balances the need to protect consumers with the need to reduce unnecessary and unproductive compliance activities so we can offer more Australians affordable, quality, financial advice.”

AFA National President Michael Nowak says it appears politicians and ASIC are aware of the compliance burdens facing advisers.

“We are being listened to, and there are actions in place to start to facilitate a more sensible working environment for financial advice,” he said. “The hard work by the AFA and other associations seems to be working.”