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Rapid decline in financial adviser numbers sees fees rise

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17 July, 2021 by John Collett, Sydney Morning Herald

Article link: https://www.smh.com.au/money/planning-and-budgeting/rapid-decline-in-financial-adviser-numbers-sees-fees-rise-20210714-p589ng.html

The number of financial advisers nationally is likely to fall below 17,000 by the end of the year as industry professionals continue to exit in big numbers because of tighter educational standards.

By the end of this year, more than 11,000 advisers will likely have left the industry since 2018, including the expected loss of at least 2000 more advisers who fail or do not sit a mandatory 3½-hour exam they are required to pass by year’s end.

Angus Woods, founder of Adviser Ratings, says fewer advisers and higher fees means more consumers would be shut out from obtaining professional financial advice.

“We are going to see a big gap as demand outstrips supply,” he says. “Advisers will only be able to service a certain number of clients... they will cherry pick the better-off consumers.”

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