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Advisers told to adjust to new economic reality

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24 May 2023 by Keith Ford, Independent Financial Adviser

Article link: https://www.ifa.com.au/news/32820-advisers-told-to-adjust-to-new-economic-reality

In the wake of the global financial crisis, a prolonged period of low inflation and historically low interest rates followed. However, with inflation soaring and interest rates subsequently rising, advisers will now face the challenge of guiding their clients through this new economic landscape.

According to the latest Adviser Ratings Landscape Report, the average age of a financial adviser in Australia is 49 years old, down from 51 years old in 2021. With many older advisers leaving the profession in the wake of increased education requirements and burgeoning red tape, a large contingent of the industry has only experienced the post-GFC low inflation, low interest rate environment.

It’s unclear at the moment whether interest rates will continue to rise, however, inflation beginning to slow has yet to deter the RBA. If this new environment is a long-term proposition, experts agree that advisers will certainly need to adapt.

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