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100k consumers orphaned as adviser numbers dwindled

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10 January 2023 by Maja Garaca Djurdjevic, Independent Financial Adviser

Article link: https://www.ifa.com.au/news/32241-100k-consumers-orphaned-as-adviser-numbers-dwindled?utm_content=234054824&utm_medium=social&utm_source=linkedin&hss_channel=lcp-3797665

Adviser Ratings has predicted that with the recent exodus of advisers, as many as 100,000 consumers have either stopped seeing an adviser or were orphaned.

In an analysis piece published by the firm late last year, Adviser Ratings said that while adviser numbers dropped below 16,000 for the first time in 2022, there is cause for optimism with signs that the annual exit rate has slowed.

Namely, in 2021, more than 4,000 advisers left the profession; in 2022, the number of exits stood at around 1,000.

“While that is still a lot, it’s a quarter of what we saw the previous year and several thousand fewer departures than there were in the prior two years,” Adviser Ratings said.

“We still predict the workforce’s numbers will fall further as consumers continue to grapple with the impact of having 12,000 fewer advisers than there were in 2019,” the firm noted.

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