Industry Fragmentation Set To Continue

The exit of Westpac from advice has seen hundreds of advisers forced to seek new licensees to operate under. The closure of Financial Wisdom less than 12 months away and the fate of hundreds of AMP advisers still up in the air. These and other announcements point towards continued fragmentation of the advice market. Given the sheer number of advisers looking for new homes, many advisers may be anxious that they won’t be able to secure a new licensee, but closer analysis shows this fear may not be warrented.