‘Cautious optimism’ for adviser landscape in 2023

There is cause for “cautious optimism” about the adviser landscape in 2023, according to Adviser Ratings.

This was because the number of advisers who had left the industry this year was a quarter of the number who had left in 2021.

While the firm did not expect departures would cease next year, it was hopeful they would slow further particularly given the implementation of the Quality of Advice Review and the potential experience pathway for advisers with 10 years’ experience.

Almost two-thirds of advisers now sat in the privately-licensed space while limited licensees and banks saw a contraction in the number of advisers. In particular, banks fell from representing a quarter of the market in 2017 to 2% in 2022.

“As we close out the year, advisers who remain in the profession have now passed their exam hurdle and many are well into other education requirements as we await further word on changes to experience recognition.

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“Adviser Ratings analysis shows around 10,000 advisers would become qualified if the experience standard recognised advisers with 10 years’ experience in the last 12 years.

“While the 2022 calendar year brought significant changes to the advice landscape, next year could be an even bigger one for advisers, with the confluence of promised experience reforms, possible tax-deductibility changes to adviser fees and the potential implementation of Quality of Advice Review recommendations.”