AMP, IOOF dodge mandatory exam bullet
17 June 2020 by Aleks Vickovich & Tom McIlroy, AFR
"If not passed, this would have absolutely devastated not just the advice industry but all wealth players, such as platform providers, fund managers and even super funds," said Angus Woods, founder of research house Adviser Ratings.
Adviser numbers tipped to halve by end of 2021
17 June 2020 by Sarah Kendell, SMSF Adviser
Speaking in a recent presentation, Adviser Ratings chief executive Angus Woods said the group had revised down its previous predictions around the number of advisers that would remain in the industry once the FASEA standards came fully int...
Financial planners granted more time to take and pass exams
17 June 2020 by Joyce Moullakis, The Australian
The timetable follows a report by Adviser Ratings last month showing just 7488 advisers had done the exam, with 1080 failing. The first round of exams were held last year, and three further sittings have occurred. The 7488 candidates to si...
Licensing models get the tug-of-war treatment
16 June 2020 by Tahn Sharpe, Professional Planner
For its part, ASIC has so far demurred on the topic of individual licensing for financial advisers and left it to policymakers. Sources say that ASIC is content to let the issue sit for now but does not relish the idea of regulating the en...
Seller beware: All capital comes with strings attached
15 June 2020 by Paul Barrett, Professional Planner
According to Adviser Ratings, adviser numbers are set to fall 36 per cent to less than 15,000 by 2025. This follows a 15 per cent drop to 23,000 in 2019. That means thousands of advisers will be looking to sell their business or client boo...
Renewed push for overhaul of financial adviser licensing
3 June 2020 by Aleks Vickovich, AFR
According to research house Adviser Ratings, there were a total of 2,185 licensees in operation at March 2020. Of those, 97 per cent are privately-owned and upward of 70 per cent authorise more than 30 advisers, indicating licence provisio...
SINGLE PRACTITIONER FINANCIAL PLANNING PRACTICES – THERE’S LIFE IN THEM YET
25 May 2020 by Eugene Ardino, IFA
A number of institutional licensees are focusing increasingly on servicing the needs of multi-adviser businesses, rather than single practitioners. Research by Adviser Ratings in 2019 found that major institutions had increased licensee pr...
ADVISERS RECONSIDER RETIREMENT AS EXODUS SLOWS
19 May 2020 by Sarah Kendall, IFA
Adviser Ratings’ Musical Chairs Report for Q1 2020 revealed that the industry experienced a net decline of just 678 advisers by the end of the March quarter, compared with 1,133 advisers leaving the industry in the last quarter of 2019. T...
Coronavirus delays standards regime changes for the financial advice sector
18 May 2020 by James Kirby, The Australian
The effective extension of the FASEA (Financial Adviser Standards and Ethics Authority) regime comes as the Adviser Ratings report reveals key changes occurring across the sector in recent months. In essence, the practice of offering full ...