AMP is one of a number of companies most exposed to the stalemate, according to research house Adviser Ratings, due to having a relatively high number of advisers with no approved degree pathway under the government's enhanced professional...
Research house Adviser Ratings estimated that up to 16,000 financial advisers could have been forced to cease trading, leaving 1.5 million clients without access to advice and $900 billion in investor funds "in limbo".
"If not passed, this would have absolutely devastated not just the advice industry but all wealth players, such as platform providers, fund managers and even super funds," said Angus Woods, founder of research house Adviser Ratings.
Speaking in a recent presentation, Adviser Ratings chief executive Angus Woods said the group had revised down its previous predictions around the number of advisers that would remain in the industry once the FASEA standards came fully int...
The timetable follows a report by Adviser Ratings last month showing just 7488 advisers had done the exam, with 1080 failing. The first round of exams were held last year, and three further sittings have occurred. The 7488 candidates to si...
For its part, ASIC has so far demurred on the topic of individual licensing for financial advisers and left it to policymakers. Sources say that ASIC is content to let the issue sit for now but does not relish the idea of regulating the en...
According to Adviser Ratings, adviser numbers are set to fall 36 per cent to less than 15,000 by 2025. This follows a 15 per cent drop to 23,000 in 2019. That means thousands of advisers will be looking to sell their business or client boo...
According to research house Adviser Ratings, there were a total of 2,185 licensees in operation at March 2020. Of those, 97 per cent are privately-owned and upward of 70 per cent authorise more than 30 advisers, indicating licence provisio...
A number of institutional licensees are focusing increasingly on servicing the needs of multi-adviser businesses, rather than single practitioners. Research by Adviser Ratings in 2019 found that major institutions had increased licensee pr...