Clockwise from top left: Karen Eleyu, Steven Fine, Simon Burke and Peter Horsfield
While researchers and
Professional Planner poll respondents predict adviser numbers will soon drop to 13,000 and below, many industry observers quietly predict the number will settle at a far more conservative 15,000 to 17,000.
A recent
Professional Planner poll asking advisers “
How low will registered adviser numbers go before they stabilise and start to grow again?” received a grim response; 17 per cent believe the number will reach 13,000 and a further 52 per cent said the number would fall below 13,000, giving a total of 69 per cent that see adviser numbers falling to
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With no oversight and with the formulation of a disciplinary body still in transition, advisers and licensees have put on hold the supervision and application of the Code of Ethics despite the possible legal ramifications associated with doing so.
Currently it is a requirement under the Corporations Act following reforms introduced in March 2017 to adhere to new professional standards including compliance with the Code of Ethics. In its timeline the securities regulator sets out that from January 2020 advisers who are authorised representatives of AFSL holders must apply with the code.
“I’m not aware of any AFSL having incorporated anything to do with supervising or administering the Code,” said Dan Brammell (pictured, far right), head of AFSL holder Independent Financial Advisers Australia and president of the Profession of Independent Financial Advisers.