The FMA offered us a public data-visualisation alongside their review of Authorised Financial Advisers (AFAs). This is a cool milestone - we love a good data visualisation or dashboard at Chatswood. Here's the FMAs: I wanted to embed it, but the fixed width settings of both this site, and the tableau workbook, prevented that. so just check out the link.
You cannot really hide the fact that the AFA segment has some way to go to address its lack of diversity. But wealth, being slow to come by, tends to reflect how society was decades ago, rather than where it is today.
From an insurance perspective there are significant numbers of AFAs that advise only on wealth. Also, while many AFAs do provide insurance advice, the reality of an investment-based practice (which defines most AFAs) is that many clients are older, and they are not acquiring new insurance, so advice is relatively limited. I wonder if the FMA should add to their question on whether advice is provided on replacement 'To how many clients do you provide advice on termination of insurance?' - I suspect that advice on termination is a much neglected part of the whole process.