A tough fix for financial advice
26 June 2020 by James Kirby, The Australian
In its most recent quarterly report for the three months to March 31 this year, the Adviser Ratings research group found that the number of advisers in Australia was now 22,893 after a dramatic 16 per cent reduction last year. “It’s a pro...
ADVICE INDUSTRY TO HALVE BY END OF 2021
17 June 2020 by Sarah Kendell, IFA
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...
Adviser exam delay puts $900b in investor funds at risk
17 June 2020 by Aleks Vickovich & Tom McIlroy, AFR
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...
Financial advisers get last minute lifeline on exams
17 June 2020 by Aleks Vickovich & Tom McIlroy, AFR
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".
AMP, IOOF dodge mandatory exam bullet
17 June 2020 by Aleks Vickovich & Tom McIlroy, AFR
"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.
Adviser numbers tipped to halve by end of 2021
17 June 2020 by Sarah Kendell, SMSF Adviser
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...
Financial planners granted more time to take and pass exams
17 June 2020 by Joyce Moullakis, The Australian
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...
Licensing models get the tug-of-war treatment
16 June 2020 by Tahn Sharpe, Professional Planner
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...
Seller beware: All capital comes with strings attached
15 June 2020 by Paul Barrett, Professional Planner
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...