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$120BN in Client Money Abandoned as Advisers Walk Away

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13 August 2020 by Sarah Kendell, IFA

Article link: https://www.ifa.com.au/news/28394-120b-in-client-money-abandoned-as-advisers-walk-away

Adviser Ratings’ Musical Chairs Report for the second quarter of 2020 revealed that 1,198 advisers left the industry in the three months to June, with most of the exodus coming from privately owned licensees.
Adviser Ratings also flagged ‘client orphaning’ as a significant issue given the dynamics occurring in the industry, with $79 billion in funds under advice in transition from ceased advisers over the second quarter, a higher amount than any of the previous five quarters.


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