Advice Evolution News Today

Financial advisers have 14.5 years of professional advice experience on a median basis, but very few have more than 20, a Rainmaker analysis shows.

The financial advice industry bucked the trend for the first time in more than three years, adding 626 advisers during the March 2023 quarter.

The first week of December sees heavy losses again in adviser numbers with a net change of advisers of over 120 while the net losses for the year stood at 2,062, according to Wealth Data.

The only advice model that works for advisers now and in the future is an active advice model, where advisers are more engaged and embedded into the financial lives of their clients according to Encore Advisory managing director Tom Reddacliff. Speaking on the Advice Evolution in 2021 webinar with Consultancy Evergreen’s Angela Ashton, Reddacliff explained how the regulatory push for ‘active advice’ will become an all-pervasive trend at the advice practice level this year. “Active is t...

Mid-tier groups benefit as industry exodus continues Mid-tier groups benefit as industry exodus continues More than 70 advisers have already left the industry in the first few weeks of 2021, but a number of mid-tier dealer groups are still posting solid gains in their adviser footprints, according to new data from Adviser Ratings. A A The group’s latest statistics revealed 74 advisers had left the industry by 21 January, with almost half of these ceasing in the third week of January as the wo...

At the same time, 48 groups posted declining numbers of advisers and in total saw a loss of 66 adviser roles during the week.   AMP Financial Planning traditionally accounted for the biggest loss and saw a departure of five roles and was followed by three groups – Aware Financial Services, Skylight Financial Solutions and Synchron – which each saw a departure of three advisers. On top of that, a further eight groups lost two adviser roles while 36 licensees reported a loss of one adviser ...