More than a quarter of planners will exit
As many as 30 per cent of planners are signalling their intention to leave the industry as a result of the Financial Adviser Standards and Ethics Authority (FASEA) regime, according to the results of a Money Management survey.
However, this number is well down on that indicated by surveys undertaken in the closing months of 2018 and before the FASEA released further guidance on the final shape of the education regime and available pathways.
The survey has also confirmed continuing planner concern that there exist too many unanswered questions and that there is an urgent need for more detail from the authority, especially around continuing professional development (CPD) and the status of a number of degrees in relation to bridging courses.
The survey has also highlighted the concerns of planners in regional areas, with complaints that as tough as the situation may be for planners in the capital cities, it is even more challenging for those in the regions.
What is more, respondents have pointed out that the average age of planners in regional areas is higher than that in the capitals.
Money Management will publish the full results of the survey in our first print edition in February.
Recommended for you
Insignia Financial has reached a major milestone in completing the separation of MLC Wealth from NAB, having acquired the firm back in 2021.
There could be changes ahead for how ASIC requires licensees to handle conflicts of interest as the corporate regulator announces it will be meeting key stakeholders next year to update guidance.
Proper recordkeeping has been described as the “mortar between the bricks” of the advice process and critical to an FSCP decision as an adviser is suspended for failures in this area.
As investors increasingly seek to embed ESG considerations in their portfolios, a specialist adviser has offered tips for financial planners who may feel overwhelmed in tackling these complex topics with clients.
