Page 24 - Wealth Data News Today

Financial investment advisers have been identified as a job experiencing a national skills shortage while a Treasury report has found migrant advisers are among the least likely to be working in their chosen field.

After growth of more than 30 last week thanks to record advice exam results, the financial advice profession has once again backtracked with double-digit losses, Wealth Data reveals.

Following a 73 per cent pass rate in the August financial adviser exam, the highest since ASIC took over its administration, a high number of new entrants have joined the advice industry this week, according to Wealth Data.

An application has been submitted to wind up NextGen Financial. After grappling with multiple challenges, NextGen Financial Group is slated to undergo a hearing on 3 October. This comes in the wake

After seeing dwindling numbers of advisers and losing a Federal court case regarding an unpaid AFCA determination, NextGen Financial Group is to be wound up.

The planned acquisition of Diverger by Count will create the third-largest licensee in Australia, behind Insignia and AMP.

Insignia is fast becoming the licensee to feel the biggest brunt of adviser departures, losing 24 this week and over 100 in the past calendar year, which is three times that of rival AMP, according to Wealth Data.

According to Wealth Data, less than a quarter of all financial advisers on the ASIC FAR are women, with the accounting and super fund business models having the highest number of female advisers.

Following a loss of 23 advisers over the last two weeks, the licensee’s current adviser numbers sit at just 20 compared to more than 120 in 2019, Wealth Data reports.

Advice firms should be targeting as much as $700,000 per annum per adviser in ongoing advice fees as clients could be willing to pay higher advice fees than advisers are charging, according to WT Financial.