The burden of the Financial Adviser Standards and Ethics Authority’s requirements combined with the high costs imposed by the Australian Securities and Investments Commission is driving many accounting firms to cut the number of their planners on ASIC’s register.
This week saw a big drop in adviser numbers to 19,953 as licensees with limited advice services continued to cut advisers roles and advisers opting not to proceed with the FASEA exam.
Which licensees are shedding advisers fastest? smsfadviser.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from smsfadviser.com Daily Mail and Mail on Sunday newspapers.
Which licensees are shedding advisers fastest?
Which licensees are shedding advisers fastest?
As the industry prepares for further adviser exits at the end of 2021, a new report has indicated that the pain could be equally felt across both the aligned and independent sectors of the market.
A
Adviser Ratings’
2020 Advice Landscape Report surveyed advisers on their intentions to stay in the industry beyond 2021, and found that around 770 advisers from the aligned dealer groups were expected to exit, while more than 670 from large privately owned licensees (of more than 100 advisers) were planning to leave.
The exodus from the industry was also widely felt across different segments of the market on a percentage basis, with 30 per cent of limited licence holders and 22 per cent of industry fund advisers expected to leave the sector by the end of 2021.
More than 60 licensees report net adviser loss moneymanagement.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneymanagement.com.au Daily Mail and Mail on Sunday newspapers.