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Adviser Ratings’ Landscape Report illustrates impacts of Falling Adviser Numbers – With Further To Go

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28 April 2022 by Adviser Voice

Article link: https://www.adviservoice.com.au/2022/04/adviser-ratings-landscape-report-illustrates-impacts-of-falling-adviser-numbers-with-further-to-go/

Based on six research projects undertaken across five months and involving more than 40,000 surveys of financial advisers and consumers, the Landscape Report clearly shows how the financial advice and wealth management industries continue to evolve through ongoing regulatory and market disruptions.

Key findings include:

  • 100,000 either ceased receiving advice or were orphaned by their adviser, as advice affordability became more of a concern
  • only 1,200 risk specialist advisers remain in the industry
  • there are 5.6m unadvised Australians looking for professional advice, with five per cent of consumers indicating they get all their advice from social media
  • the average median cost of advice has increased a further eight per cent to $3,256
  • 234 licences were discontinued in 2021 – the largest number since tracking began in 2015
  • there has been a 50 per cent increase in the past four years of advisers partnering with super funds, as super funds become the next frontier for consumers looking for affordable advice.

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