Entering the industry while others exit
There is much focus on the adviser exodus from the industry following the Royal Commission but there is room for optimism with new practices being set up.
While it’s accurate that the industry is not in a enviable position at the moment, with profitability in practices falling from 28.2% to 24% over the last two years and the industry expected to fall to 14,000 advisers over the next couple of years, negative commentary is only one side of the coin.
For those who have passed their exams, the smaller volume of advisers in the market is presenting them with opportunities and some firms say they have never been busier.
As some of our readers tell us, there is still a lot to look forward to in this vital profession.
That’s why, starting next week, Money Management will bring you some much-needed positivity with regular profiles interviewing those entering the industry while others exit.
You will hear from those starting new practices who have optimistic views of the long-term health of the profession, those with fresh approaches to addressing the advice gap and those targeting a younger demographic, among others.
Watch this space!
AUTHOR
Liam Cormican
Recommended for you
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
