Adviser Numbers Drop Below 19,000
28 October, 2021 by Jason Spits, Self managed super
The numbers of financial advisers working across the advice sector continued to decline during the third quarter of this year, dipping just below 19,000, and is likely to reach 16,500 by year end, according to research firm Adviser Ratings.
The War For Advice Talent Gets a Booster Shot
24 November, 2021 by Lena Ridley, Professional Planner
Much has been written about the decreasing adviser numbers due to this perfect storm. According to Adviser Ratings, adviser numbers have fallen below 19,000 in 2021 from a peak of over 28,000 in 2018. Our great resignation, it seems, has b...
The Financial Advice Solution That Cuts Out Advisers
23 November, 2021 by Aleks Vickovich, Australian Financial Review
Actuaries and academics are frantically working up plans to help “Middle Australians” get access to critical advice about retirement, which could replace the troubled financial advice industry with a software algorithm.
Wealth Advice Model Is ‘Broken’
22 November, 2021 by Aleks Vickovich
Wealth managers and the corporate regulator have warned that over-regulation has blocked ordinary Australians from getting advice about how to manage record superannuation and household wealth balances. The median price of professional fi...
Small Advice Firms Networking Is ‘Powder Keg Waiting To Explode’
22 November, 2021 by Liam Cormican, Money Management
As adviser numbers shrink and compliance costs increase, smaller advisories will form networked partnerships, sharing knowledge and technology to help them drive down costs, according to Viridian Advisory. According to data from research h...
Exodus Improving Adviser Quality: ARdata
29 October, 2021 by Tahn Sharpe, Professional Planner
The new face of advice looks markedly different to that of its predecessor, the group writes in its Q3 Musical Chairs report, with the remaining 18,901 registered advisers better educated, more qualified and more likely to “behave in ways ...
Private wealth enjoys its ‘best conditions in 30 years’
13 October, 2021 by Aleks Vickovich, Financial Review
Private wealth advisers are riding the $2.3 trillion green investing boom and bulging assets of Australia’s richest people to record revenues while advisers to mum-and-dad investors face a profitability crisis. The opportunity for private ...
Clock Ticks For Planners Yet To Pass Compulsory Test
12 October, 2021 by John Collett, Sydney Morning Herald & The Age
How many attempts did your financial planner take to pass a compulsory 3½-hour knowledge test that is part of a raft of regulations designed to weed out dud planners? Or is your planner yet to pass, despite the first exam session being he...
Financial Advice A Loss-making Business: KPMG
12 October, 2021 by Aleks Vickovich, Financial Review
Modelling by professional services giant KPMG has found the average cost to provide financial advice exceeds the price paid for that advice by 30 per cent, reigniting calls for red tape to be stripped from the troubled sector. The findings...