Despite over 12,000 financial advisers leaving over the last four years, Adviser Ratings reveals that almost a quarter are thinking of following suit in 2023.
Despite changes enforced by the Hayne Royal Commission, the current prescriptive model has detrimentally affected the quality of advice provided to consumers, according to reviewer Michelle Levy.
Phil Anderson, CEO of the Association of Financial Advisers, is hopeful the Government will embrace the ‘brave’ ideas put forward by Michelle Levy in the Quality of Advice Review.
Treasury has confirmed the next stage for the Quality of Advice Review will be a proposal paper which will be issued within weeks and seek adviser feedback.