100,000 Quit Financial Advice As Fees Jump Another 8pc
18 April, 2022 by Aleks Vickovich, Australian Financial Review
The median cost of financial advice services rose by $270 last year to $3529, pushing the number of professionally advised Australians below 2 million and many consumers into the hands of unlicensed social media influencers, according to a...
Exam Extension Wasn't A Popular Move: ARdata
22 February, 2022 by Chris Dastoor, Professional Planner
Over 60 per cent of advisers think candidates who have failed the FASEA exam twice should not be allowed to provide advice in 2022, according to research from ARdata. The firm’s ‘Musical Chairs’ report for Q4 noted that legislators recogni...
Demand Fuels Super Fund Launch Of Robo-Advice
14 December, 2021 by Clancy Yeates, WA Today
Many people would benefit from receiving financial advice, and the need is likely to increase as the population ages and more people approach retirement with a hefty superannuation balance.
Rural Wealth Advisers Cheer Labor's Education Promise
9 December, 2021 by Aleks Vickovich, Australian Financial Review
A new Labor policy to let experienced financial planners and stockbrokers practice without a university degree would provide a lifeline to some veteran advisers in the regions, but has been slammed by the industry’s advocates of higher pro...
ASIC, Consumer Groups Back Efforts To Simplify Financial Advice
3 December, 2021 by Aleks Vickovich, Australian Financial Review
The corporate regulator and consumer advocates support making financial advice less complex to provide and receive, adding their voices to the growing alarm that professional guidance is unaffordable for most Australians as millions of Bab...
Robo Guidance Gathers Pace As Advice Fees Soar
30 November, 2021 by John Collett, Sydney Morning Herald
Financial advice fees are soaring as planners abandon the profession because of higher educational standards and increased costs of regulatory compliance, leaving those who remain in the industry able to charge more. Adviser Ratings’ esti...
Adviser Numbers Drop Below 19,000
28 October, 2021 by Jason Spits, Self managed super
The numbers of financial advisers working across the advice sector continued to decline during the third quarter of this year, dipping just below 19,000, and is likely to reach 16,500 by year end, according to research firm Adviser Ratings.
The War For Advice Talent Gets a Booster Shot
24 November, 2021 by Lena Ridley, Professional Planner
Much has been written about the decreasing adviser numbers due to this perfect storm. According to Adviser Ratings, adviser numbers have fallen below 19,000 in 2021 from a peak of over 28,000 in 2018. Our great resignation, it seems, has b...
The Financial Advice Solution That Cuts Out Advisers
23 November, 2021 by Aleks Vickovich, Australian Financial Review
Actuaries and academics are frantically working up plans to help “Middle Australians” get access to critical advice about retirement, which could replace the troubled financial advice industry with a software algorithm.