Adviser Numbers Still Heading South - But Rate Slows

Industry contraction experienced over the past year slowed in Q1 this year. By end Q1 2020, the adviser population has reduced to 22,893, representing a net decline of 678 advisers (2.9%) from end 2019. On a pro-rated basis, this was 25% below the overall adviser reduction (16%) experienced last year. With the economic impacts from the pandemic mostly post March, it will be interesting to see how this affects adviser intentions in coming months. The pain and suffering of small advice businesses already struggling with commercial pressures in part from regulatory overload, compounded by work-from-home inefficiencies and client financial distress brought on by COVID-19, may prompt higher attrition from the industry...

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