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A former Synchron adviser has shared his reasons for leaving the industry despite being on the road to becoming FASEA qualified, stating that regulatory change has made providing life insurance servi
Advice in 2021, part 4: the adviser exodus Advice in 2021, part 4: the adviser exodus In the final instalment of our multi-part series on advice in 2021, we canvass licensees’ predictions around how many advisers are yet to leave the industry as the new deadline for FASEA exam compliance approaches. A A Around 2,500 advisers are estimated to have left the industry in 2020, according to data compiled by Adviser Ratings over the course of the year, leaving a population of around 20,500 advisers remaining. With FASEA’s exam and educational standards yet to come fully into force, there’s ev...
Advice in 2021, part 2: cost and scale Advice in 2021, part 2: cost and scale In the second of our multi-part series on advice in 2021, we get licensees’ thoughts on how to tackle the rising cost of advice, which ASIC has made a key priority for the new year through seeking industry consultation on the barriers to providing scaled advice. A A The cost of giving advice has become an increasing issue of concern across the industry in recent years following the implementation of the FASEA standards and the government’s regulatory response to the royal commission. At the end of 2020, it seeme...