Accountants lead mass adviser exit as FY20 wraps up
13 July 2020 by Sarah Kendell, Accountants Daily
According to data from Adviser Ratings, 354 advisers ceased operating in the seven days to 2 July, a number that excluded more than 70 authorised representatives who were mid-merger and likely to re-enter the industry once their respective...
MASS EXODUS OF ADVISERS AS FY20 WRAPS UP
10 July 2020 by Sarah Kendell, IFA
In a video presentation, Adviser Ratings founder Angus Wood said the numbers of advisers leaving was “significantly higher than previous weeks”, and that the industry was losing significant numbers of experienced practitioners. “Ten per c...
Super Funds to Pick Up Where Banks Left
9 July 2020 by Sarah Simpskin, IFA
Adviser Ratings founder Angus Woods told ifa that a “huge swathe” of advisers will be attracted to super funds during the next year or two. “We are seeing a lot more of those sorts of organisations starting to bring on Industry Fund Servi...
Clever Money: Save $10,000 without taking out your super
9 July 2020 by Illawarra Mercury
Hundreds of members are offering financial advice free for early release super and redundancy during the pandemic because we need to make advice simpler and less expensive if we are to help Australians through this crisis," says Angus Wood...
A tough fix for financial advice
26 June 2020 by James Kirby, The Australian
In its most recent quarterly report for the three months to March 31 this year, the Adviser Ratings research group found that the number of advisers in Australia was now 22,893 after a dramatic 16 per cent reduction last year. “It’s a pro...
ADVICE INDUSTRY TO HALVE BY END OF 2021
17 June 2020 by Sarah Kendell, IFA
Speaking in a recent presentation, Adviser Ratings chief executive Angus Woods said the group had revised down its previous predictions around the number of advisers that would remain in the industry once the FASEA standards came fully int...
Adviser exam delay puts $900b in investor funds at risk
17 June 2020 by Aleks Vickovich & Tom McIlroy, AFR
AMP is one of a number of companies most exposed to the stalemate, according to research house Adviser Ratings, due to having a relatively high number of advisers with no approved degree pathway under the government's enhanced professional...
Financial advisers get last minute lifeline on exams
17 June 2020 by Aleks Vickovich & Tom McIlroy, AFR
Research house Adviser Ratings estimated that up to 16,000 financial advisers could have been forced to cease trading, leaving 1.5 million clients without access to advice and $900 billion in investor funds "in limbo".
AMP, IOOF dodge mandatory exam bullet
17 June 2020 by Aleks Vickovich & Tom McIlroy, AFR
"If not passed, this would have absolutely devastated not just the advice industry but all wealth players, such as platform providers, fund managers and even super funds," said Angus Woods, founder of research house Adviser Ratings.