Industry Feature – Orphaning Clients

Behind the ongoing saga of adviser departures is the plight of their clients. The fee-for-no service (FFNS) debacle uncovered through the Royal Commission and subsequent regulation around removal of grandfathering, introduction of annual opt-ins and best interest duty (BID) has led many advisers to review their operations. Today, advisers are streamlining their client books for financial survival while others leaving the industry are invariably contributing to a growing pool of client “orphans”. This special feature looks more closely at this orphaning trend amongst advisers remaining in the industry.