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FPA chief Sarah Abood calls for changes in advice system to prevent exodus of financial planners

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3 February 2023 by Glenda Korporaal

Article link: https://www.theaustralian.com.au/business/financial-services/fpa-chief-sara-abood-calls-for-changes-in-advice-system-to-prevent-exodus-of-financial-planners/news-story/69f83bb7a7271c2c77593a0964cf9b7b

Major changes to laws around provision of financial advice are needed to prevent the continued exodus of advisers from the industry, the Financial Planning Association has warned.

In an interview with The Australian, FPA chief executive Sarah Abood called on the federal government to consider implementing changes recommended in the Quality of Advice Review by Allens partner Michelle Levy or risk further departures from the sector, which have seen the number of advisers slump from more than 28,000 in 2019 to below 16,000.

The government is expected to release the final report – which it received in December – as early as next week, ahead of further consultation with the sector and other groups over its recommendations.

A report issued this week by online industry website Adviser Ratings says almost one in four of the existing advisers were thinking about leaving the profession, despite the thousands of departures in recent years.


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