Page 38 - Wealth Data News Today

The dwindling number of financial advisers indicates the Government needs to consider whether they will be able to fund the compensation scheme of last resort.

Small licensees are further expected to close in the coming weeks with the number of advisers expected to reach between 15,000 and 16,000 this year, according to Wealth Data.

While adviser numbers continued to decrease this week, it was at a slower pace than anticipated as many licensees are yet to report their data to the corporate regulator.

There is an expectation that the total number of advisers will drop to 17,200 in January, and thereafter to between 15,000 and 16,000.

The industry has to date shed 10. 61 per cent of advisers, but some believe the worst is yet to come. New figures from Wealth Data have painted a disappointing picture of the industry, with as many a

The advice industry is expected to shrink to 15,000 in 2022, as a further 1,345 advisers depart the industry following the latest FASEA exam. The number of current advisers is expected to fall to 17,

Over 1,300 advisers are expected to drop off the Australian Securities and Investments Commission’s register between now and the start of the next year.

Planning practices need to focus on revenue growth in order to sustain financial planner roles and some are paying over 30% what they usually paid a planner.

Many advisers, who formally ceased on the Australian Securities and Investments Commission’s adviser register over the past couple of weeks, have landed at the new licensees.

The AIOFP’s annual conference was a melting pot of political representatives attempting to charm the advice industry ahead of next year’s crucial vote.