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The financial advice profession can expect to see more advisers forming their own practice instead of sticking with major licensees in 2024, leading to greater industry competition, says Wealth Data’s Colin Williams.
With the advice industry experiencing a loss of advisers, holding a solid client book is no longer a requirement as many firms may already have existing clients but lack sufficient advisers.
Almost half of the advisers who have departed this year have been in the industry for less than 10 years while older advisers are pinning their hopes on the experience pathway.
Professionalisation of the financial advice industry needs to be balanced with the adviser shortage, according to Minister for Financial Services, Stephen Jones, as he confirms the experience pathway could soon pass parliament.