Advisers who joined the newly merged Financial Advice Association of Australia have risen 30 per cent from initially reported figures and now surpass 10,000 after it reported member losses during FY22–23.
Membership of the FAAA declined by 11.7 per cent in the last financial year, according to its 2023 annual report, three times faster than the overall decline in adviser numbers over the period.
Australian investors are more likely to want advisers to help them meet their goals rather than chase investment performance, according to research by Milford.
Financial Services Council chief executive, Blake Briggs, has shed a light on the need for industry body consolidation and how meaningful engagement between groups has brought the advice debate to where it is today.