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In Brief: July Edition  

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Financial Advisers Quit Industry After Hayne Shake-up

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25 July 2019 by Tim Boyd, Australian Financial Review

Article link: https://www.afr.com/companies/financial-services/financial-advisers-quit-industry-after-hayne-shake-up-20190724-p52a6d

The number of licensed financial advisers dropped by 1750 people to a total of 25,470 in the June quarter, according to a quarterly report from Adviser Ratings.
Adviser Ratings chief executive Mark Hoven said the 6.4 per cent fall was due to a confluence of factors including tougher education standards, the stronger enforcement of the future of financial advice laws, big banks "falling out of love" with their advice businesses and Hayne royal commission recommendations such as the removal of grandfathered commissions changing the model of advice businesses.


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