Adviser numbers plummet below 16,000
Australian financial adviser numbers have fallen through the 16,000 benchmark, according to the latest analysis from WealthData.
295 financial advisers departed the Financial Adviser Register (FAR) this week.
The analysis reveals that the number of financial advisers now listed on the FAR stands at 15,908, showing that in year to date terms there has been a decline of 1,261 or 7.34%.
The catalyst for the further drop in adviser numbers was the last financial adviser exam which had a pass rate of 48%.
WealthData principal, Colin Williams said that his analysis showed that in the 12 months to 5 October, the number of advisers is down 2,950 or 15.64%.
WealthData and Financial Newswire are part of the Wealth Division of FST Media.
But how are ASIC going to maintain their open cheque book approach to regulation if there aren’t enough of those pesky adviser to pay them a levy?
Easy, $15k pa ASIC Adviser fee EACH :-/
If these trends continue there will be no advisers left in a few years. Of greater concern is the stock market trend of recent months, which if it continues will completely wipe out most of the world’s wealth forever. But for me personally, the greatest concern is my 15 year old son’s recent trend of height increases, which have him on track to be 5m tall by his early twenties!
Please let’s not carried away by silly extrapolations of short term data. And let’s not allow conflicted product floggers to use such flawed analysis to justify “filling the advice gap” with call centre sales scripts.
Great work Frydenberg, Hume, LNP, ASIC, FARSEA…now you have destroyed half the Advisers be great time to deploy Robo Sales on mass :-/
Correct. Mission accomplished
Government actions over a decade have been consistent with decreasing a person’s financial independence. The agenda: to grow the all-consumong power behemoth.