The direct effects of the ‘September cliff’ continue with a mass of adviser exits this past week, bringing Australian adviser numbers down to 15,908. Alarmingly, our research shows that 50% of those exiting had upwards of 20 years’ experience and a third had 30 years or more.
This week we see 303 net ceased advisers, 31 switched, and 8 new.
We welcome and congratulate those joining the industry: George Namour who joins Prime Partners Financial Advice, Hannah Downes who joins RI Advice, and Catherine Hamilton who joins Olive Financial Markets.
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"While the losses are unfortunate, advisers who have been around a long time are not necessarily good advisers. I've known many older advisers who could not move past the 90's. And if you fail an ethics exam 3 times, that says it all IMO."
Max Power 10:24 on 13 Oct 22
"These 20 and 30 year cohort of advisers are the people the FPA has recently abandoned in a shameful capitulation to self interest when withdrawing support for amendments to the new education standards including the introduction of a sensible experience pathway."
Sydney 15:12 on 12 Oct 22