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Thousands of practices have shut up shop since 2018

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20 October 2023 by Jasmine Siljic, Money Management

Article link: https://www.moneymanagement.com.au/news/financial-planning/thousands-practices-have-shut-shop-2018

Almost 3,000 advice practices have closed their doors in the past five years, but there is a “renewed purpose and direction” for those who remain, says Adviser Ratings.

The research firm has revealed that 2,828 advice practices, or 31 per cent of the market, closed down over the last five years during the COVID-19 pandemic.

As a result, the number of advice firms has shrunk from 8,995 in 2018 to 6,167 in 2023.


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