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DAILY NEWS: Australia - huge drop in adviser numbers, expect it to continue

The Australian financial advice industry has declined by almost 18% when compared to the number of advisers in the market this time last year. The introduction on mandatory qualifications, the change in commission structure and monitoring of activity has pushed advisers out of the market.

“Five thousand and twenty-five advisers have left the industry in the last 12 months, while a meager 78 new authorised representatives joined the industry during this period, analysis of ASIC’s financial adviser register conducted by CoreData will show. The researcher pointed out that the number of new entrants to the industry is inflated considering at least half have joined timeshare schemes, an area that continues to be a focus for the regulator.

 

But it’s the bloodletting of advisers from the institutionally-owned licensees that will be a feature of this year’s list and subsequent analysis.” Click here to read more

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In other news:

Financial advisers have a ‘key role’ during pandemic

International vaccine news excites market

$1.5 billion in claims paid, FSC says

Insurers hoping for loyalty out of Covid-19 offers

How insurers moved thousands out of the office and into their homes

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