Labor victory will reinforce planner exit decisions
The election of a Labor Government on 18 May will not significantly increase the number of financial planners intending to leave the industry.
A survey conducted by Money Management has, in fact, revealed that far more planners are now signalling their intention to remain in the industry than leave, with most believing that the election of a Shorten Labor Government will not significantly alter their situation.
However, for those planners who were already intending to leave the industry because of the requirements of the Financial Adviser Standards and Ethics Authority regime and an end to grandfathering, the likelihood of a change of Government has served to reinforce their decision.
The survey revealed that it was those planners who had already decided to leave the industry who were most concerned about a change of Government, while those who were choosing to remain were largely unconcerned.
A significant number of respondents said that a change of Government would make little or no difference to their situation.
Interestingly, when weighed against the results of adviser intention surveys conducted by Money Management earlier this year, the latest survey suggests that a number of planners have already exited the industry.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
